Oklahoma Nesties
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email [email protected]

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

Tax question!

Did the child deduction change? It used to be a $1,000 deduction per child, is it now a $1,000 credit? I'm confused. 

Re: Tax question!

  • Where are you seeing that it is a credit? I am certain it is still a normal exemption.
  • image +PuppyWuppy+:
    Where are you seeing that it is a credit? I am certain it is still a normal exemption.

    Ok. That's all I needed to hear :) Someone told me it was a credit this year and they just changed it for 2011.  

    ETA: Oh, they said it's a credit for the year the were born. ? Sorry Puppy I know you get sick of these questions!  

  • Check page 40 of the 1040 instructions - there is a worksheet that will help you to compute the credit. It is limited for the MFJ "rich" at $110k. LOL LOL LOL

    Oh - also, check page 39 - make sure you aren't taking any of those credits - namely, the Residential Energy yada yada.  I know you all just built a house, not sure if that applies to you.

  • image BlinkingLight1:

    image +PuppyWuppy+:
    Where are you seeing that it is a credit? I am certain it is still a normal exemption.

    Ok. That's all I needed to hear :) Someone told me it was a credit this year and they just changed it for 2011.  

    ETA: Oh, they said it's a credit for the year the were born. ? Sorry Puppy I know you get sick of these questions!  

    Oh, I don't get sick of them but the rules have changed A LOT in the 10 years since I took the CPA exam. And given that I don't "do" taxes, I am as clueless as the next guy. It does appear there is some sort of credit but I don't see that you can only take it in the year they were born. It looks to me like if you can take them as an exemption, they qualify for the credit as well, but is dependent on AGI.

  • I am no tax expert, but it does show that we have received a "Child tax credit." I think we always get a child tax credit, though, so I don't know that it's different for 2011.
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