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edavid42
New Member

I noticed that when I add deductions it is taking money away from my return. Is there anyone else having this problem?

 
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Accepted Solutions
Marketstar
Level 7

I noticed that when I add deductions it is taking money away from my return. Is there anyone else having this problem?

The Earned Income credit is added to the refund meter as you enter your income and personal

As you lower your taxable income with deductions, you may lower the amount of your Earned Income Credit (and possibly the Child Tax Credit), thus lowering the dollar amount you see on the refund meter.

The more information you enter, the more accurate the refund meter will be, and will not be totally accurate (and thus truly meaningful) until you have entered all of your information including all income and expense/deductions.

In other words, do not concern yourself with the refund meter until you have completed your return.


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1 Reply
Marketstar
Level 7

I noticed that when I add deductions it is taking money away from my return. Is there anyone else having this problem?

The Earned Income credit is added to the refund meter as you enter your income and personal

As you lower your taxable income with deductions, you may lower the amount of your Earned Income Credit (and possibly the Child Tax Credit), thus lowering the dollar amount you see on the refund meter.

The more information you enter, the more accurate the refund meter will be, and will not be totally accurate (and thus truly meaningful) until you have entered all of your information including all income and expense/deductions.

In other words, do not concern yourself with the refund meter until you have completed your return.


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