tax question (non valk related)

[cookiedough]

why does the federal tax return NOT qualify a 17 year old, turned 17 in 2015 still in high school senior year living at home with family, eligible for the 1000 dollar child tax credit on top of 4000 off as an Exemption on parents income tax return?

Doesn't make sense to me just that the federal govt. wants to screw us over yet again by about 1000 bucks we have to pay in more this year?

I can see 18 years of age or not living at home supporting them, but not 17 still living at home supporting them in high school.   

[DirtyDan]

18 ? I thought the new age was 26 .....college/health insurance so they are still dependent

yeah TOO logical I know

dan

[scooperhsd]

Per my wife the tax preparer with 10 years experiance with Jackson Hewitt -  the child tax credit is for up to 17 years old, but NOT INCLUDING 17 years old.

She also stated it was item 1 on this link (from 2010).

https://www.irs.gov/uac/Ten-Facts-about-the-Child-Tax-Credit

[Crackerborn]

The Fed needs help paying all those green fees incurred by certain elected officials. At least she is still a dependent on your taxes unless she made too much at a part time job. Our state says she is no longer a dependent for state taxes.

[cookiedough]

glad I re-read the 1040A online booklet with help from here as well.  I was wrong:  child tax credit of 1K is still a NO go since age 17 in 2015, but still can have daughter age 17 as a dependent on our tax return as an exemption taking off another 4 grand (4 of us times 4K each).   Still have to pay in, but NOT as much to the federal govt. as I originally thought.  

can you say I HATE doing taxes since very confusing.  I had to take back in 1990 a college income tax class and disliked it very much partially because I hate taxes but also because the teacher was a stickler and very strict/demanding of her students.  

Wife wants to get the taxes done ASAP vs. waiting until early April since daughter's college would like the 2015 income tax info. sooner rather than later for FAFSA information to see if she can get any financial aid, etc.  

Now for the misses to get her employer straightened out this week since her HSA account amount contributed appears to be wrong on her W-2 form concerning the new to us HSA (healthcare savings account) for 2015.   Did I mention I HATE income taxes?   

[Randy from Burbank]

I just started doing taxes with H&R Block as a retirement, high paying minimum wage job, and I am still confused on this stuff.... the HRB tax system we use does most of the refereeing on this stuff, but  I can research it...

I got it to this job to learn how to deal with tax issues a newly retired, 42 year married person, with some assets to protect background...    however, the vast majority of folks I am seeing are divorced, or unmarried people with kids mostly on welfare but looking for EITC.... its a total shocker to my a priori delicate constitution wrt to what a "normal" taxpayer looks like...

Bottom  line.... it appears that makers are screwed....  the takers vote and there appears to be more of them everyday..

 

[cookiedough]

A lady I work with is allowed to take off 3 months to do her higher paying tax job on the side setting it up at Walmart.  She mainly gets people who cannot afford or unable to do their own taxes.  She enjoys the job she said not only because it pays more money, but to help the people less fortunate.  However, being there for years doing it,  her boss this year has not given her a raise to come back this season at all and if she doesn't get anything when done in April,  she said she might not be going back next tax season even though she enjoys meeting the people aspect of the job. 

I don't like doing my own taxes, let alone trying to figure out other peoples.  One thing she said is literally SHE can be held responsible financially if she messes the taxes of others up, so can be a financial burden if do them wrong.  Not my cup of tea.