What is net income tax liability?



On line 46 on the 1040 it has 12829.00. and line 52 is 2000.00
and line 57 is 10229.00. and we only received only 1200.00 and we have 2 adults and 2 children. We were expecting 1800.00.
We owe no back taxes, child support or student loans. Could someone explain.

What is net income tax liability?
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2 Replies to “What is net income tax liability?”

  1. Someone earlier in a response said line 46, and it’s really lines 57 plus line 52. But unless you had HUGE credits on the other lines from 47-55, or your joint AGI was over $ 150,000 so your payment started to phase out, your calculation would be right.

    The IRS announced yesterday that there had been a problem with a number of returns that didn’t get the extra $ 300 for qualifying kids. It sounds like you might have fallen into that issue. If so, you’ll get it, but the other $ 600 will be a paper check, and probably won’t be for a couple months. See the attached newspaper article for details http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/05/15/national/w141159D68.DTL&feed=rss.business .






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