Quote:
Originally Posted by MonkeyMama
Oh, I just caught this. You don't get $3k cash back for each kid. You take the exemption and multiply it by your tax rate to see how much you get back. ($7000 * 25% = about $1700 tax reduction for this year).
Then you get the child tax credit at $1k per pop. So add another $2k for that.
It's more like $4k than $6k. (Though certainly not bad).
Of course, if your income is over about $110k, then you don't get all the tax credits. So there is a lot to consider in figuring how much your taxes will lower with twins.
|
AGI is 103k, taxable income is ~62k.
Which income is used to calculate the credits?