Quote:
Originally Posted by jenorange
Tax Turbo did not give me my full credit. It said:
"If the credit amount is not the entire amount you were eligible for, you were either limited by the tax that you owe or other credits you have taken. Information you enter later for other credits and deductions may also lower this credit amount."
I don't understand this - I don't owe the IRS anything, I would be getting a $600 refund without the hybrid tax credit, but Turbo Tax did not give me my full $3,000 back that I should receive. They said I should only get a $2,500 refund. I think I should be getting $3,600.
I'm still waiting for H&R Block also to see if I get the same refund.
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How much was your total calculated taxes owed before the hybrid credit? And I don't mean the refund/due number the program shows up in the corner - like your $600 refund. If your $600 refund is because $3,100 was withheld from your paycheck but you owed $2,500 in taxes - that means that you didn't owe enough in total taxes in order to get the full credit.
You can only get as much of the hybrid credit as the total amount of taxes you owed. The IRS won't give you more back from the hybrid credit than what you would otherwise be owing to them in taxes.