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jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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Tax credits - WTF
Do you or your DH have access to a daycare Fsa at work? You can put aside up to 5k pre tax, which at a high tax bracket is actually more beneficial than they child care credit. And there's no income level on this either.
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Posted 4/16/14 5:45 PM  |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Tax credits - WTF
We don't quality either, have never. It stinks, everyone is like well at least you get 2 deductions. Um no.
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| Posted 4/16/14 5:59 PM |
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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Re: Tax credits - WTF
That's crazy! I didn't realize that. We got the full credit this year because I took unpaid maternity leave so I earned less than usual, but next year I guess we won't get it & we'll owe again. That stinks!
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| Posted 4/16/14 6:33 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Tax credits - WTF
It really stinks -- I hate seeing how many clients lose this credit. When I explain the phase out rules they always say "But this is LONG ISLAND...that's not a lot of money." I totally agree but the Internal Revenue Code takes into consideration the entire country vs. just the high cost of living of some areas. It stinks!
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| Posted 4/16/14 8:02 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Tax credits - WTF
Posted by ElizaRags35
The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
Link
So I may be better off not getting a raise this year (to make 75k)?
My status is single HOH claim 1 kid and mortgage
My ex makes more than 75k and doesn't get anything back even when he claims one child.
I usually get a nice return so it may make sense for me to claim them both
Message edited 4/16/2014 8:12:21 PM.
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| Posted 4/16/14 8:06 PM |
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SlurpeeDad
LIF Adolescent
Member since 1/11 713 total posts
Name:
SlurpeeDad
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Re: Tax credits - WTF
Posted by jessnbrian
COL here on LI is insane, if you're not making in the area of $150K jointly, it's impossible to be comfortable.
Statements like this drive me nuts. I suppose it depends on your definition of comfortable, and I know it is expensive on LI, but I think people like to play the "oh me, it costs too much on LI, no one can afford it." You can have a comfortable life and make less than $150k combined.
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| Posted 4/16/14 8:16 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Tax credits - WTF
At least the whore known as the AMT didn't get you like she did me!
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| Posted 4/16/14 10:22 PM |
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ihilani
LIF Adolescent
Member since 9/07 858 total posts
Name:
alias
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Re: Tax credits - WTF
Posted by MegZee
At least the whore known as the AMT didn't get you like she did me!
Exactly!!!
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| Posted 4/16/14 10:46 PM |
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Re: Tax credits - WTF
While it stinks not to get the credit, I can see why they stop it at a certain salary level. My dh and I make more than half that amount in our yearly salaries combined. We do get the credit but we also are not able to save money like you have indicated you are. We have used our taxes to pay for things like camp and braces and other things for the kids so I think it all equals out in the end.
For the poster who thinks that you HAVE to make $150,000 or more on LI to live comfortably, it all depends on where you choose to live, your lifestyle etc. I wouldn't say I live "comfortably" (for what I would consider that word), but we are able to pay all our bills and save for retirement. People DO survive on a lot less and many times people feel like they have to keep up with the Joneses so they HAVE to make that much to live on LI.
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| Posted 4/17/14 10:14 AM |
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Re: Tax credits - WTF
Posted by afternoondelight828
While it stinks not to get the credit, I can see why they stop it at a certain salary level. My dh and I make more than half that amount in our yearly salaries combined. We do get the credit but we also are not able to save money like you have indicated you are. We have used our taxes to pay for things like camp and braces and other things for the kids so I think it all equals out in the end.
For the poster who thinks that you HAVE to make $150,000 or more on LI to live comfortably, it all depends on where you choose to live, your lifestyle etc. I wouldn't say I live "comfortably" (for what I would consider that word), but we are able to pay all our bills and save for retirement. People DO survive on a lot less and many times people feel like they have to keep up with the Joneses so they HAVE to make that much to live on LI.
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| Posted 4/17/14 10:18 AM |
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inhiding2014
LIF Infant
Member since 3/14 58 total posts
Name:
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Re: Tax credits - WTF
....
Message edited 4/17/2014 10:34:00 AM.
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| Posted 4/17/14 10:31 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: Tax credits - WTF
Posted by SlurpeeDad
Posted by jessnbrian
COL here on LI is insane, if you're not making in the area of $150K jointly, it's impossible to be comfortable.
Statements like this drive me nuts. I suppose it depends on your definition of comfortable, and I know it is expensive on LI, but I think people like to play the "oh me, it costs too much on LI, no one can afford it." You can have a comfortable life and make less than $150k combined.
You are absolutely right, it COMPLETELY depends on your definition of comfort. For me and DH, if we were making much less than what we make, we wouldn't be comfortable. But, again, that's us. We like our vacations, we like our creature comforts, and we love our neighborhood. That is comfort for us. You can definitely live with less.... but to me, it isn't living comfortably, it's more like surviving.
Also, when you look at what the COL out of the LI/NY Metro area, you absolutely see very clearly that it's ridiculously expensive here. We have very good friends living in Buffalo who bought a house identical to ours for 1/4 of the price, with less taxes, in a great school district, and they make about the same as us up in that area. They're going to be retired at 50, and that includes raising and paying for college for 2 kids.
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| Posted 4/17/14 10:35 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Tax credits - WTF
Tell me about it. My DH works two jobs to help us get ahead in our bills, debt & this year we were in a higher tax bracket which reduced what we could claim for child care and other things.
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| Posted 4/17/14 10:37 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Tax credits - WTF
Posted by jax1023
Do you or your DH have access to a daycare Fsa at work? You can put aside up to 5k pre tax, which at a high tax bracket is actually more beneficial than they child care credit. And there's no income level on this either.
You can take advantage of the FSA at any income level but, if you make over a certain amount, you may not be able to take the entire $5k (so it's best if you are both entitled to it to do $2500 each).
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| Posted 4/17/14 10:39 AM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: Tax credits - WTF
This happened to us the first year we had DS because my husband spent 6 months in Afghanistan. We were sooooo ticked! 
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| Posted 4/17/14 12:11 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Tax credits - WTF
Posted by ali120206
Posted by jax1023
Do you or your DH have access to a daycare Fsa at work? You can put aside up to 5k pre tax, which at a high tax bracket is actually more beneficial than they child care credit. And there's no income level on this either.
You can take advantage of the FSA at any income level but, if you make over a certain amount, you may not be able to take the entire $5k (so it's best if you are both entitled to it to do $2500 each).
Pretty sure there is no income limit for a dependent care Fsa
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| Posted 4/17/14 12:14 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Tax credits - WTF
Can I ask why someone would think it's fair that there is a limit?
The purpose of the Child Tax Credit is to lower the tax burden of families who are raising children.
Why shouldn't that apply to anyone?
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| Posted 4/17/14 12:21 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Tax credits - WTF
Posted by jessnbrian
Posted by SlurpeeDad
Posted by jessnbrian
COL here on LI is insane, if you're not making in the area of $150K jointly, it's impossible to be comfortable.
Statements like this drive me nuts. I suppose it depends on your definition of comfortable, and I know it is expensive on LI, but I think people like to play the "oh me, it costs too much on LI, no one can afford it." You can have a comfortable life and make less than $150k combined.
You are absolutely right, it COMPLETELY depends on your definition of comfort. For me and DH, if we were making much less than what we make, we wouldn't be comfortable. But, again, that's us. We like our vacations, we like our creature comforts, and we love our neighborhood. That is comfort for us. You can definitely live with less.... but to me, it isn't living comfortably, it's more like surviving.
Also, when you look at what the COL out of the LI/NY Metro area, you absolutely see very clearly that it's ridiculously expensive here. We have very good friends living in Buffalo who bought a house identical to ours for 1/4 of the price, with less taxes, in a great school district, and they make about the same as us up in that area. They're going to be retired at 50, and that includes raising and paying for college for 2 kids.
You also have the potential to make far less in Buffalo so that evens itself out. Housing in Long island is High because people can earn more and there is more demand. So a house in Buffalo is 1/4 the price. It's also Buffalo and not New York (city).
Message edited 4/17/2014 12:32:02 PM.
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| Posted 4/17/14 12:31 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: Tax credits - WTF
Posted by ave1024
Posted by jessnbrian
Posted by SlurpeeDad
Posted by jessnbrian
COL here on LI is insane, if you're not making in the area of $150K jointly, it's impossible to be comfortable.
Statements like this drive me nuts. I suppose it depends on your definition of comfortable, and I know it is expensive on LI, but I think people like to play the "oh me, it costs too much on LI, no one can afford it." You can have a comfortable life and make less than $150k combined.
You are absolutely right, it COMPLETELY depends on your definition of comfort. For me and DH, if we were making much less than what we make, we wouldn't be comfortable. But, again, that's us. We like our vacations, we like our creature comforts, and we love our neighborhood. That is comfort for us. You can definitely live with less.... but to me, it isn't living comfortably, it's more like surviving.
Also, when you look at what the COL out of the LI/NY Metro area, you absolutely see very clearly that it's ridiculously expensive here. We have very good friends living in Buffalo who bought a house identical to ours for 1/4 of the price, with less taxes, in a great school district, and they make about the same as us up in that area. They're going to be retired at 50, and that includes raising and paying for college for 2 kids.
You also have the potential to make far less in Buffalo so that evens itself out. Housing in Long island is High because people can earn more and there is more demand. So a house in Buffalo is 1/4 the price. It's also Buffalo and not New York (city).
Exactly my point (they do happen to make the same we do, the salaries for our jobs are almost identical from there to here). It's a price you pay for living on LI, near NYC.
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| Posted 4/17/14 12:47 PM |
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BeachGrl
LIF Adult
Member since 10/11 2140 total posts
Name:
Kristy
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Re: Tax credits - WTF
Posted by charon54
Can I ask why someone would think it's fair that there is a limit?
The purpose of the Child Tax Credit is to lower the tax burden of families who are raising children.
Why shouldn't that apply to anyone?
I completely agree....it should apply to everyone raising children. Why discriminate against people who happen to have higher incomes?? Doesn't make any sense, to me at least
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| Posted 4/17/14 12:58 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Tax credits - WTF
Posted by jessnbrian
Posted by ave1024
Posted by jessnbrian
Posted by SlurpeeDad
Posted by jessnbrian
COL here on LI is insane, if you're not making in the area of $150K jointly, it's impossible to be comfortable.
Statements like this drive me nuts. I suppose it depends on your definition of comfortable, and I know it is expensive on LI, but I think people like to play the "oh me, it costs too much on LI, no one can afford it." You can have a comfortable life and make less than $150k combined.
You are absolutely right, it COMPLETELY depends on your definition of comfort. For me and DH, if we were making much less than what we make, we wouldn't be comfortable. But, again, that's us. We like our vacations, we like our creature comforts, and we love our neighborhood. That is comfort for us. You can definitely live with less.... but to me, it isn't living comfortably, it's more like surviving.
Also, when you look at what the COL out of the LI/NY Metro area, you absolutely see very clearly that it's ridiculously expensive here. We have very good friends living in Buffalo who bought a house identical to ours for 1/4 of the price, with less taxes, in a great school district, and they make about the same as us up in that area. They're going to be retired at 50, and that includes raising and paying for college for 2 kids.
You also have the potential to make far less in Buffalo so that evens itself out. Housing in Long island is High because people can earn more and there is more demand. So a house in Buffalo is 1/4 the price. It's also Buffalo and not New York (city).
Exactly my point (they do happen to make the same we do, the salaries for our jobs are almost identical from there to here). It's a price you pay for living on LI, near NYC.
I can make almost double in Manhattan what I can make almost anywhere else. Many others have the same situation. Houses in places like Buffalo are so cheap because there is no demand.
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| Posted 4/17/14 1:22 PM |
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Re: Tax credits - WTF
Posted by BeachGrl
Posted by charon54
Can I ask why someone would think it's fair that there is a limit?
The purpose of the Child Tax Credit is to lower the tax burden of families who are raising children.
Why shouldn't that apply to anyone?
I completely agree....it should apply to everyone raising children. Why discriminate against people who happen to have higher incomes?? Doesn't make any sense, to me at least
I get where you are coming from as you would think you should get it if you have children. I think it benefits "lower" income families more though as just like the original poster said, they are able to save money because they make a higher salary.
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| Posted 4/17/14 1:24 PM |
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Jbon630
LIF Adult
Member since 12/11 1340 total posts
Name:
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Re: Tax credits - WTF
Posted by SlurpeeDad
Posted by jessnbrian
COL here on LI is insane, if you're not making in the area of $150K jointly, it's impossible to be comfortable.
Statements like this drive me nuts. I suppose it depends on your definition of comfortable, and I know it is expensive on LI, but I think people like to play the "oh me, it costs too much on LI, no one can afford it." You can have a comfortable life and make less than $150k combined.
You can live comfortably on much less.
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| Posted 4/17/14 3:24 PM |
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2boys1girl
and one more girl on the way!
Member since 5/10 2954 total posts
Name:
D
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Re: Tax credits - WTF
We owe 11k this year......we have 3 children! 
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| Posted 4/17/14 3:28 PM |
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