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02-14-2018, 03:55 PM
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#1 | ||
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College Prospect
Join Date: Nov 2003
Location: Flower Mound, TX
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Tax Question
I've been trying to get a better understanding of the changes that will happen with the new tax codes, specifically the child tax credit so I can make changes to my W4.
Say to make the math easy, my tax liability is 5k. I have a daughter who is 7 and lives with me over half of the year. So, my tax liability is now reduced to 3k. If I had 5k withheld from my paycheck over the course of the year, would my refund be 2k or 1.4k? I guess, which comes from first in the calculations? The credit or the withholding? Thanks in advance. |
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02-14-2018, 05:17 PM
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#2 |
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College Benchwarmer
Join Date: Oct 2000
Location: speak to the trout
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Credits first.
__________________
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02-15-2018, 11:38 AM
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#3 |
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College Prospect
Join Date: Nov 2003
Location: Flower Mound, TX
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Awesome, thanks!
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