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Old 02-02-2013, 11:13 AM   #4 (permalink)
JeffAnd
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Join Date: Apr 2012
Location: Wisconsin
Posts: 146
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Your tax liability is ruduced by the with holdings found in box 2 of your W-2.
Example:
If for example your tax on line 44 is $8000, with holdings are $9000, and you take the full $7500 tax credit. Your refund will be about $8500.

$9000 - ($8000 - $7500) = $8500

If for example your tax on line 44 is $7000, with holdings are $7300, and you take the full $7500 tax credit. Your refund will be about $7300.

$7300 - ($7000 - $7500) = $7300

Note: Do the math in the brackets first. If you end up with a negative number, then change the negative number to zero. The IRS doen't allow negative tax.
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