Taxes

**Sonnenwende** · 11-02-2011, 01:41 PM

The new Turbo Tax refund calculator for 2011 just came out, so I started playing with it.

One of the things I found was that it estimated our refund at around $1500. K, that's cool. I added an extra child just to see what would happen and the refund was just over $4000?! Not that I'd have more kids for the refund or for any reason period, but wow, that is a huge difference.

No point here, just had to post.

**greekislandgirl** · 11-02-2011, 01:51 PM

Wow, yeah that is a big difference!!

Are you sure you don't want to have another one?

**Nishu** · 11-02-2011, 01:53 PM

I calculated our tax refund a few days ago. We should get about 3500 back.

**nodmicks** · 11-02-2011, 01:59 PM

I want to go play with that! I will be happy to get $500 back and not owe

I'm not sure how it works since ds is 18 and NOT in school.

**nuisance26** · 11-02-2011, 02:00 PM

~I can't believe the benefits the government thinks we deserve for having kids. Our "refund" last year was so embarrassingly high I can't even post it.
But another $4K...hmmmm.....

~

**nodmicks** · 11-02-2011, 02:18 PM

Well if that is accurate we should owe about $51~

**Nishu** · 11-02-2011, 03:03 PM

Originally Posted by nodmicks

Well if that is accurate we should owe about $51~

You probably have more deductions you just haven't thought of!

**Momto5RN** · 11-02-2011, 03:36 PM

i believe it last year my oldest was no longer deductable because he grad college and was working FT
and we let our oldest dd 19 claim herself so she could get money to help herself move out

we owed for the first time in 20 years and owed 5000 when we usually get at least 2000 back.

we changed our deductions etc so hopefully we break even or at least dont owe this year ,

i kind of am afraid to look .

**many houseapes** · 11-02-2011, 03:46 PM

I believe that once a child turns 17, you can no longer claim the child tax credit. & maybe I heard wrong, but I thought that I heard that the child tax credit was going to be reduced to $500 per child.

**Momto5RN** · 11-03-2011, 04:33 PM

at 17 you loose one thing the tax credit - the other as a dependent you can continue to claim them as long as they are in school FT and meet other dependency requirements

**nodmicks** · 11-04-2011, 03:15 PM

Originally Posted by Momto5RN

at 17 you loose one thing the tax credit - the other as a dependent you can continue to claim them as long as they are in school FT and meet other dependency requirements

I'm curious to see the requirement. DS the end of May. He was enrolled in college but decided 3 days before start he wasn't sure and to work FT while deciding. WE certainly supported him FT but that doesnt mean much for taxes. Someone told me I needed hi to graduate in June to claim he was a student half the year. He just got his first FT paycheck Monday.

**nodmicks** · 11-04-2011, 03:16 PM

Originally Posted by Momto5RN

i believe it last year my oldest was no longer deductable because he grad college and was working FT
and we let our oldest dd 19 claim herself so she could get money to help herself move out

we owed for the first time in 20 years and owed 5000 when we usually get at least 2000 back.

we changed our deductions etc so hopefully we break even or at least dont owe this year ,

i kind of am afraid to look .

OUCH!!! That stung.