Author Topic: Am I figuring this right?  (Read 636 times)

ontheway2

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Am I figuring this right?
« on: June 11, 2019, 12:11:00 PM »
I like to play around with Turbo Tax's tax caster to see how different decisions affect my refund. I'm newly divorced with a different tax picture than the past.
Assuming no fed income tax paid through the year.
Tax caster has been pretty accurate in the past and thinks I'll get around $3300 back.
When I figure my tax liability and available credits, I'm coming up with $4800. Any ideas?

W2 income - $40440
Traditional IRA - 6k
Estimate $150 interest income

~34590 AGI, $1696 tax owed

2 kids under 17
~2300 EITC
4k CTC (only 2800 refundable, $1200 to offset tax liability)
$200 saver's credit

1696-1200-200-2800-2300=$4804 refund

ontheway2

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Re: Am I figuring this right?
« Reply #1 on: June 11, 2019, 12:46:07 PM »
Sounds right. Did you have a question about it or just trying to verify?

Thanks. I mainly wanted to make sure I wasn't missing something obvious since my final number is $1500 more than tax caster says

MDM

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Re: Am I figuring this right?
« Reply #2 on: June 11, 2019, 05:36:52 PM »
Reading between a few lines, the case study spreadsheet gets:

Filing Status31=S, 2=MFJ, 3=HOH
# Dependents2
# Children <172
# Children for EIC2
Adult #1
Age35
AGI$34,590
Std. Deduct.$18,350
Act. Deduct.$18,350
QBI deduct.$0
Taxable$16,240
1040 Tax$1,672
Saver's credit$200
Non-refund. CTC$1,472
Tax after n-r credit$0
EIC$1,319
Refundable CTC$2,528
Net Tax-$3,847

TaxCaster is a good advertising tool for Intuit, but it often leaves much to be desired as a tax estimator.

ontheway2

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Re: Am I figuring this right?
« Reply #3 on: June 12, 2019, 08:40:40 AM »
Reading between a few lines, the case study spreadsheet gets:

Filing Status31=S, 2=MFJ, 3=HOH
# Dependents2
# Children <172
# Children for EIC2
Adult #1
Age35
AGI$34,590
Std. Deduct.$18,350
Act. Deduct.$18,350
QBI deduct.$0
Taxable$16,240
1040 Tax$1,672
Saver's credit$200
Non-refund. CTC$1,472
Tax after n-r credit$0
EIC$1,319
Refundable CTC$2,528
Net Tax-$3,847

TaxCaster is a good advertising tool for Intuit, but it often leaves much to be desired as a tax estimator.

Thanks!