Harlan Lunsford <lunstax[at]bellsouth.net> wrote:
- quote -

It may sound like a lot, but in an area where a "starter"
home, a 2 bedroom 800 sq ft shack with no garage sells for
$475K, it aint much. A recent article in the San Francisco
Chronicle stated that to buy a home in this area, one needs
to make $124K...

Mark.

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philmarti[at]aol.com (Phil Marti) wrote:
- quote -

I think I figured it out, our taxable income was actually
around $130K, it was our income after deductions that was
$103K, I was misreading the numbers. Since this is our first
kid I was a bit puzzled, I thought everyone got the $1000 no
mattre the income, but I see I am wrong.

Thanks,

Mark.

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markrstephen[at]hotmail.com (Mark Stephen) wrote:

- quote -

There is a phaseout, but it is a MAGI of 110,000 for MFJ if
I am not mistaken.

Are you sure you are simply not being limited by tax
liability. The child tax credit is a nonrefundable credit.
This means you can't claim more of it than tax you owe.

bex

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Mark Stephen wrote:

- quote -

ONLY 103k? Well, I'll swan.

That a lot to most taxpayers in the US of A. And that's why
congress put that limitation in the tax code.

Do you know how many people in the US of A wish their
incomes were that high?

Cheer$,
Harlan Lunsford, EA n LA

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markrstephen[at]hotmail.com (Mark Stephen) writes:

- quote -

The credit begins phasing out at $110K AGI on a joint
return, and you shouldn't have received an advance payment,
so you should be getting the full $1,000. If you
right-click on line 49 of the 1040 TT should take you to the
worksheet. Maybe you can figure out what's wrong by looking
at that.

Phil Marti
Topeka, KS

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Last September my wife and I had a baby daughter. When I
added her into Turbo Tax as a dependent, it said I was not
entitled to the full $1000 credit as our income was too high
and we were only allowed something like $350 credit. Our
combined income was only $103K, not that high, at least not
around here. Whats the deal ?

Thanks,

Mark.

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