And it is good news.....we are getting approximately $2800 back from federal and approximately $300 to $400 from state.
The reason? Most of it is from the American Opportunity Credit.....for 2010 and 2011 we were eligible for a $2500 credit as our oldest daughter is in college. We also get the $1000 child credit for our youngest.
Per our tax lady....next year it will definately change and we will not be seeing this kind of a refund again for a long time....if ever. We will lose the child credit as our youngest will turn 17 this year. Apparently they will take away the american opportunity credit of $2500 and it will change to the lifetime learning credit which will be $2000. All in all we will lose approximately $1500 in credits for 2012.
She did say our withholdings are right on target though and will re-evaluate next year. We may get a small refund with those changes at least from federal....state is another thing....our state has a state income tax and it just feels like they tax us to death so who knows if any of the above will affect that.
I guess all we can do is wait and see.
It will be nice to have this money though, I have to admit....we were not planning on such a big refund so it is a nice surprise.
More on the plans for that later!
Source: http://pnwmom.savingadvice.com/2012/03/02/taxes-done-_92656/
kola boof burmese python national signing day ferris bueller allen west god bless america earned income credit
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.