I recreated the situation, as best I could with the information you provided. Yes, TurboTax calculated the refund amount of approximately $10,000.
In my scenario:
- TurboTax used the Head of Household (HOH) filing status, which results in a lower tax rate versus Single.
- Since the filing status is HOH, the Standard deduction is $19,400.
- With three minor dependents, the Earned income credit (EIC) is $6,6,20.
- With three minor dependents, the Additional child tax credit is $2,865.
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