Credits

Forum|Forum|3 years ago
April 17, 2023
2 replies
33 views

So I was applying for the Child Tax Credit and the Home Office Credit and qualified for both however they lowered my refund instead of increasing it. And I was wondering why this would happen.

TurboTax Home & Biz Windows

tmunoz

Level 13

Some tax credits are based on your income and if you have self-employed expenses that lower your income, they lower the refundable tax credit.

You can preview the information on your 1040 form by clicking on Tax Tools, on the left

Select Tools
Then select View Tax Summary, first on the list under Helpful Links. This will show basic information about the return.
In the upper left-hand area, in the menu, click on Preview My 1040
This will show a picture of the information on the tax form and there is a vertical scroll bar on the right-hand side, to scroll down the return.

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax

Line 25 - Withholdings

Line 33 - Payments including Credits

Line 34 - Overpayments

Line 37 - Tax owed