pomegranate / 3643 posts
No - still waiting on W2s! It drives me crazy. I'm always motivated to do them in January, then it's mid-February before I have everything in order and I put it off till April.
GOLD / wonderful pomegranate / 28905 posts
@HLK208: woah. hold up. NO child tax credit?
grapefruit / 4817 posts
We're still waiting on everything but W2's. We never manage to get them filed until March but we always get a big return.
hostess / wonderful apple seed / 16729 posts
No. We just moved this past weekend and I don't think I got my W2s yet. I want to do it early like I did last year. I think I did them before February ended.
GOLD / squash / 13576 posts
Not yet.. we are waiting on 1099s... I ran a down and dirty calc the other day and I have a guestimate of the amount we will owe.
GOLD / squash / 13576 posts
@locavore_mama: There's still a child credit. Of course it phases out based on income.
pineapple / 12234 posts
@littlek: really? Our tax guy only told us it had changed from last year (not just for our income), huh.
@locavore_mama: he said it was lower by $1500 per child, didn't drop entirely
coconut / 8483 posts
I've starting working on gathering my expenses in a spread sheet. Waiting on DH's T4 (which must be the Canadian version of W2?)
GOLD / wonderful pomegranate / 28905 posts
@HLK208: hm. I need to make a call to our CPA!
We have a everything but I got a mysterious statement from Principal investments. So I gotta do some digging.
GOLD / squash / 13576 posts
@HLK208: This is from the IRS website:
Ten Facts about the Child Tax Credit
IRS Tax Tip 2011-29, February 10, 2011
The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family.
1.
Amount - With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
2.
Qualification - A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and residence.
3.
Age Test - To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2010.
4.
Relationship Test - To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
5.
Support Test - In order to claim a child for this credit, the child must not have provided more than half of their own support.
6.
Dependent Test - You must claim the child as a dependent on your federal tax return.
7.
Citizenship Test - To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien.
8.
Residence Test - The child must have lived with you for more than half of 2010. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.
9.
Limitations - The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
10.
Additional Child Tax Credit - If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.
GOLD / squash / 13576 posts
@HLK208: I am no child tax credit expert... none of my clients qualify for the credit because their AGI is too high...
pomelo / 5228 posts
I've started inputting stuff into TurboTax, but we're still waiting on DH's W2 and most of my 1099s.
GOLD / cantaloupe / 6581 posts
Yep, done and submitted! Just waiting on the IRS to start processing the returns so I can get my $$!
pomegranate / 3729 posts
We are going to do ours tonight. I am actually really excited because it's likely our last year with a refund (DH will be a business owner next year).
nectarine / 2134 posts
Still waiting for all of our W-2s. Unfortunately we don't qualify for any deductions based on student loan interest
This is the first full year we've paid on our mortgage so looking forward to at least getting that deduction. We tend to owe a lot so hopefully we won't owe *as much* this year with the mortgage interest deduction....still not looking forward to it though!
pomegranate / 3759 posts
DH got all of our forms/receipts together. Owning your own business makes it confusing so we will be bringing it in to an accountant.
grapefruit / 4671 posts
Haven't done them yet, but I am really looking forward to deducting the insane amount of mortgage interest we paid this year.
persimmon / 1165 posts
Submitted my taxes yesterday! Feels so good to have them done, and for the first time in years we actually get a refund. Woo! (If we had owed, I would have totally been the procrastinator)
cantaloupe / 6692 posts
Ours are finished and mailed now! We did better this year than last year but not by much. But we still came out in the green so that's all that matters!
honeydew / 7811 posts
We did ours on Friday at H&R block. The tax part of things wasn't terrible, but the cost of H&R block was outrageous! We won't go back next year.
People who pay to have taxes done, what are you paying? We paid over $200, our taxes are very simple and the preparer didn't do anything special to find us extra money, etc.
GOLD / wonderful apricot / 22276 posts
@cmomma17: Wow! We had them professionally done and it was $50.
honeydew / 7811 posts
@Bao: I had budgeted $50. They charged us $229!
had to put it on a credit card!
eggplant / 11824 posts
@cmomma17: I dislike H&R block (and similar joints) because they charge outrageous fees for simple returns. If you have simple returns, could you just do them with turbotax or a similar online site?
I'm still collecting all of our documents - - W2's, 1099s, rental property, main property, charitable giving receipts, my husbands professional association expenses...oh my. So.much.paper
pineapple / 12566 posts
I fired up turbo tax yesterday, but I'm still waiting on some forms so I'm just filling in what I can for now. The real doozie will be filing and paying my Austrian taxes, but at least I have an accountant for that.
pineapple / 12566 posts
@cmomma17: whoa, that is nuts. H&R block did my taxes for a few years, but my situation was a bit complicated and I had to file a schedule C...that was around $350. However, I think you can claim tax preparation expenses as expenses the following year?
pomegranate / 3580 posts
DH is working on them as we speak...sadly I filled out my W2 in a stupid way that is making us owe a lot more than usual. Lesson learned...
grapefruit / 4663 posts
@cmomma17: we paid H&R block $299 last year this year we used their website and paid $67.
We finished ours a few weeks ago!
grapefruit / 4442 posts
already filed and waiting on my return. We dont have complicated taxes so I just used HR Block website
honeydew / 7811 posts
dang! I thought you guys would make me feel better and say all of you ALSO paid $229!!
We will use something like Turbo Tax next year for sure!
persimmon / 1165 posts
@cmomma17: Sheesh! I filled our taxes out online in H&R Block and Turbotax (to make sure I was getting the max refund) and ended up filing with H&R Block online.
Last year we used an accountant that was $60 since we were a referral, normally he charges $80. But I found out a few months later that he messed up our taxes and filed our payment as a payment plan instead of an installment plan which ended up costing us $100 more. So we didn't use him again!
pomelo / 5866 posts
I just efiled through Turbo Tax this past weekend. Woohoo!! Let's hope I did them right!!
Last year, I received one of them by Valentine's Day...so I'm slacking. Haha!
pomegranate / 3329 posts
My husband finally printed his w2's out so we can get started! Bad news is we made way more and we've been bumped into a higher tax bracket, ugh.
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