has anyone ever heard of having more than 2,900 in interest savings in the bank then you lose your child tax credit?
No. And I can find no reference to interest income in the 2010 publication 972 which discusses the child tax credit.
You lose the tax credit if you make too much money, but that’s total adjusted gross income. And you lose it in small chunks as your income goes about $110,000, I think it’s $50 per $1000 over the $110,000 limit, so by $130,000 it’s all gone.
So I guess having interest income, if you missed reporting it, or if it had to be added back in, could have cost you $150 of the credit, but I don’t see it costing the entire tax credit.
BTW, that credit, and the PAGES of worksheets you have to fill out to see if you qualify, is why I use tax programs now, when I know advanced math and used to do my own taxes by hand every year.
This year, I am trying to get the tax credit for a new heating and cooling system. I haven’t bought my program yet though, so I don’t know how well the program will figure it out.
Might be well worth seeing a tax lawyer over this.