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We lost child tax credit this year by making $152000...that…

We lost child tax...

We lost child tax credit this year by making $152000...that $2k cost us over $7k in taxes. Is there anything to do about that?

Accountant's Assistant: The Expert will know how to help. Please tell me more, so we can help you best.

I've done my taxes on Turbo tax. Taken all the deductions I can on there and still owe almost $7500 in taxes. Can I change that?

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Answered in 5 minutes by:
10/4/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,825
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The child tax credit gets phased out based on income. The child tax credit is reduced if your modified adjusted gross income (MAGI) is above certain amounts, which are determined by your tax-filing status. In 2016, the phase out threshold is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly. For each $1,000 of income above the threshold, your available child tax credit is reduced by $50.

Without being able to actually see your tax return, I would not be able to know if you missed anything.

It appears that you may not be having enough taxes withheld from your salaries.

What's in Box 1 and Box 2 of each W-2?

Or, can you upload a copy of your 1040 so I can take a look? Please delete all personal info--names, address, SSN, etc. before uploading it.

Thank you.

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Customer reply replied 4 months ago
I actually don't have the paperwork with me right now. This is the first year that we've made this much so I'm sure we did not have enough taxes withheld. Seems unfair that $2k in income knocked out what amounts to $7+ in taxes. But we bumped to the 28% tax bracket. Just didn't know if there was some way around this. That's a lot of money to come up with!

I understand, but it's not only the child tax credit that is affecting what you owe.

Unfortunately, there is no way around this for 2016.

I would urge you to make adjustments to your withholding with your employers for 2017 to avoid a similar situation when you file your 2017 tax return next year.

Check your exemptions with your employers and adjust them accordingly.

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Customer reply replied 4 months ago
We have. Also, purchased a house in January, upped our 401k contributions and charitable giving. Thank you for confirming what I really already knew! I appreciate it!

My pleasure.

Please take a moment to rate my answer since that is the only way I receive credit for answering you.

If I can help you in the future, please do not hesitate to contact me.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,825
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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