Go Back   CDN Business Directory > Main Category > Taxes

 
 
Thread Tools Display Modes
  #1  
Old 03-11-2009, 11:34 PM
Alan
Guest
 
Posts: n/a
Default Re: taxcut.com, stimulus, and child born in 2008

Phil Marti wrote:
- quote -

> "khelek" wrote:
> > As in previous years, I'm using the online version of TaxCut for my
> > taxes. My wife and I are filing married/joint, as in years past. Last
> > year we received $1200 from the "stimulus" that was passed as an
> > advance for 2008. My understanding is, and confirmed by the IRS, that
> > if we had a child in 2008, we would get the additional $300 that we
> > didn't get last year (again, because it was an advance for 2008
> > taxes). We had a child at the beginning of July 2008.
> > > I have included our new bundle of tax deduction in our taxes and he

> > has a social security number, which is also entered. During the dialog
> > for TaxCut, it asks about the 2007 "stimulus" and how much we
> > received. I told it that we received the full amount we were due at
> > the time ($1200). However, it never mentioned anything about the fact
> > that we had a child born in 2008, and said that we are not due any
> > more money. Doing my research on the web, it looks like if TaxCut had
> > done something automatic, there would be something on line 70,
> > "Recovery Rebate Credit", but that line is left blank.

> Suspect # 1: You didn't tell Tax Cut that the child lived with you for 12
> months. This is the appropriate entry for a child who was born or died
> during the year. (Congratulations, BTW.) A way of checking this is to see
> whether you're getting the Child Tax Credit on line 52. Fixing the one
> entry will cure both problems.
> Suspect # 2: You had a 2008 spike of income sufficient to make you
> ineligible for the credit. Right-click on line 70 to open the worksheet for
> that line and check the calculations and the entry near the bottom for the
> amount of stimulus payment you received.

Suspect #3. The tax on the 2008 doesn't generate an RRC higher
than the $1200 already received including the $300 for the child.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
Old 03-11-2009, 08:23 PM
Phil Marti
Guest
 
Posts: n/a
Default Re: taxcut.com, stimulus, and child born in 2008

"khelek" wrote:

- quote -

> As in previous years, I'm using the online version of TaxCut for my
> taxes. My wife and I are filing married/joint, as in years past. Last
> year we received $1200 from the "stimulus" that was passed as an
> advance for 2008. My understanding is, and confirmed by the IRS, that
> if we had a child in 2008, we would get the additional $300 that we
> didn't get last year (again, because it was an advance for 2008
> taxes). We had a child at the beginning of July 2008.
> I have included our new bundle of tax deduction in our taxes and he
> has a social security number, which is also entered. During the dialog
> for TaxCut, it asks about the 2007 "stimulus" and how much we
> received. I told it that we received the full amount we were due at
> the time ($1200). However, it never mentioned anything about the fact
> that we had a child born in 2008, and said that we are not due any
> more money. Doing my research on the web, it looks like if TaxCut had
> done something automatic, there would be something on line 70,
> "Recovery Rebate Credit", but that line is left blank.


Suspect # 1: You didn't tell Tax Cut that the child lived with you for 12
months. This is the appropriate entry for a child who was born or died
during the year. (Congratulations, BTW.) A way of checking this is to see
whether you're getting the Child Tax Credit on line 52. Fixing the one
entry will cure both problems.

Suspect # 2: You had a 2008 spike of income sufficient to make you
ineligible for the credit. Right-click on line 70 to open the worksheet for
that line and check the calculations and the entry near the bottom for the
amount of stimulus payment you received.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #-1  
Old 03-11-2009, 08:09 PM
khelek
Guest
 
Posts: n/a
Default taxcut.com, stimulus, and child born in 2008

Hello all,

I'm glad I found this group for general tax questions and hope I'm not
asking something that's already been discussed (I've done some
searching on the web and haven't found an answer yet). If it's been
discussed already, please excuse me (and feel free to point me to the
previous discussion)

As in previous years, I'm using the online version of TaxCut for my
taxes. My wife and I are filing married/joint, as in years past. Last
year we received $1200 from the "stimulus" that was passed as an
advance for 2008. My understanding is, and confirmed by the IRS, that
if we had a child in 2008, we would get the additional $300 that we
didn't get last year (again, because it was an advance for 2008
taxes). We had a child at the beginning of July 2008.

I have included our new bundle of tax deduction in our taxes and he
has a social security number, which is also entered. During the dialog
for TaxCut, it asks about the 2007 "stimulus" and how much we
received. I told it that we received the full amount we were due at
the time ($1200). However, it never mentioned anything about the fact
that we had a child born in 2008, and said that we are not due any
more money. Doing my research on the web, it looks like if TaxCut had
done something automatic, there would be something on line 70,
"Recovery Rebate Credit", but that line is left blank. My question is,
are there any other TaxCut users (or H&R folks) reading who can give
me guidance in what I need to do to get the additional money. Thank
you for any help you can give!

Brian Johnson

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
Similar Threads
Thread Forum Replies Last Post
Claiming stimulus payment on 2008 return?
D.F. Manno: It's well past the Oct. 15 deadline to file a 2007 tax return and receive a stimulus payment this year. IRS says that those who have not filed by...
Taxes 5 12-20-2008 06:16 PM
Stimulus Carryover to 2008?
njoracle: A self employed person had a bad year in 2007 and had less then $3000 income for 2007. Therefore, the person won't be eligible for a stimulus...
Taxes 19 04-18-2008 01:26 AM
Stimulus Act 2008 - Rebate
valentino: My daughter, grad student, files as single, I don't claim her as a dependent. Her earned income in 2007 is 5000, cap gains = 20000, takes std...
Taxes 7 02-11-2008 10:08 PM
Question on Economic Stimulus Act of 2008 - HR 5140
EB: Just a simple question on the "Final version (Enrolled Bill) as passed by both Houses" of this bill. It can be found on the Library of Congress...
Taxes 9 02-11-2008 10:04 PM
Filing income tax for 2004 - just born child without SS# yet
Al: My fourth son was born in mid November 2004. I am almost ready to file my taxes but I am having problems including him as dependent because he does...
Taxes 4 04-06-2005 03:57 PM



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT. The time now is 05:27 PM.