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Powered by LifeTypeThe IRS hasn't published their calculator yet, and I have been reading about lots of people trying to figure out what to do with line 70 on their 1040 (ie. the famous RRC that is causing probably more time wasted than was worth the money that was sent out last year.
So, I wrote a calculator this morning. I went through a bunch of cases, so I think I got all of them, but of course, who knows, with all of the tax tricks, etc. if my understanding of the credit is how it actually works.
And if the IRS ever gets around to actually publishing their calculator, it will presumably be better than mine. Have fun.
Or the IRS is finally getting around to checking the 2008 returns so they can nail people before the statute of limitations applies, and the only calculator they can find is yours...
I used the IRS calculator, but it seems to have disappeared. I used this one as a back up when the other site went down, just to verify the credit. The info i entered was for a single taxpayer with no dependents but this is the result i get below. (600 is for single TP and 1200 is for joint) It used to work correctly before.
Currently collected data:
Qualifying children: 0
On step 5, you entered: '5600'
On step 6, you entered: '0'
On step 9, you entered: '1200'
On step 22, you entered: '1200'
On step 23, you entered: '34000'
On step 27, you entered: '1200'
On step 28, you entered: '0'
Thanks for returning to the site, and letting me know. I'll check the calculations later.
And Stephan - it appears that you are correct. :)
If we really have the IRS listening in... can we make a plug for taxation based on residence, not citizenship? A teacher friend of mine was booted out of her local bank account because she was American - surely that's not the intention of taxing citizens abroad!
I second what Stephan said!
The problem is that the IRS doesn't make the rules, just enforces them, as far as I know.
There was a bug in the calculations for single filers. I was trying to take a shortcut, and didn't see that the value in line 9 was used later and I apparently thought it wasn't.
I only checked it a little further, but I think it is now correct.
Oh, you're absolutely right, Jon - I'm pretty sure the IRS has no legislative powers. But Congress is pretty bad at listening to overseas residents, so I'll grasp at any straw I can find. And surely the IRS don't want to be forced to harm innocent teachers, do they?