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Posted by Ernie Klein on March 27, 2008, 12:07 pm
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> >
> >> As for the $1200, I just assumed it came from the incentive because
> >> in both TurboTax and TaxCut, a "refund" of $1200 appeared in both
> >> programs soon after I entered the info to let it know I was married
> >> and filing jointly. I had not yet entered any financial info so I
> >> assumed that is what it was.
> >
> > Huh. Makes me glad I'm not using that software.
> >
> Ah, now that I think about it of course you are correct. I think it must
> have been the standard deduction for me and my wife totaling $1,200 and
> it must have appeared a little later in my entries.
The standard deduction for MFJ is $10,700.
As to the $1200 - do you have dependents (children)? Are you mistaking
the $1200 child tax credit for a refund, perhaps?
As someone said, tax software is very useful to enter data neatly, fill
out the forms, and do the math, but is no substitute for knowing what
you are doing.
--
-Ernie-
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