Is My Withholding Correct For 1999 - Instructions - Department Of The Treasury Page 7
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15Worksheet 3. Worksheet for Tax Credits
Child Tax Credit
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1.
Enter the number of children eligible for the Child Tax Credit
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2.
Multiply the number on line 1 by $500
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3.
Enter your modified adjusted gross income (see page 3)
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Enter: – $ 75,000 if you file as “single” or “head of household”
– $110,000 if you are “married filing jointly” or
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– $ 55,000 if you are “married filing separately”
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5.
Subtract line 4 from line 3. If less than zero, enter zero
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6.
Divide line 5 by $1,000. Increase any fraction to the next larger whole number
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7. Multiply line 6 by $50
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8. Subtract line 7 from line 2. If less than zero, enter zero
Higher Education Credits: Hope Credit
Note: Complete lines 9 through 13 for each student and enter the total for all students on line 14.
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9.
Enter the eligible amount paid in 1999
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10.
Enter the lesser of line 9 or $2,000
Note: If the amount on line 10 is $2,000, skip lines 11 through 13, and enter $1,500 on line 14.
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11.
Enter the lesser of $1,000 or the amount on line 10
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12.
Subtract line 11 from line 10
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13.
Multiply the amount on line 12 by 50%
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14.
Add lines 11 and 13
Higher Education Credits: Lifetime Learning Credit
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15.
Enter the eligible amount paid in 1999
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16.
Enter the lesser of line 15 or $5,000
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17.
Multiply the amount on line 16 by 20%
Allowable Education Credits
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18.
Add lines 14 and 17
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Enter: $100,000 if married filing jointly; $50,000 if single, head of
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household, or qualifying widow(er)
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20.
Enter your modified AGI
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Subtract line 20 from line 19. If line 20 is equal to or more than line
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19, stop; you cannot take any education credits
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Enter $20,000 if married filing jointly; $10,000 if single, head of
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household, or qualifying widow(er)
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If line 21 is equal to or more than line 22, enter the amount from line 18 on line 24 and go to
line 25. If line 21 is less than line 22, divide line 21 by line 22. Enter the result as a decimal
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(rounded to at least three places)
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24.
Multiply line 8 by line 23
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25. Enter your expected tax
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26. Enter the total, if any, of your credits for child and dependent care expenses and for the elderly or the disabled
27. Subtract line 26 from line 25. If line 26 is equal to or more than line 25, stop; you cannot take
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any education credits
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28. Education credits. Enter the smaller of line 24 or line 27
Other Credits
29. Enter the estimated amount of your other tax credits, including the child and dependent care credit, the earned
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income tax credit, the credit for the elderly and disabled, the adoption credit, and the foreign tax credit
TOTALS
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30. Total estimated tax credits. Add lines 8, 28 and 29
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Enter the appropriate number from one of the credit tables on page 5:
– Use the table which matches your filing status
– Find the line in the table that matches your total income
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– Then, enter here the amount shown next to your income
32. Multiply line 30 by line 31. Enter the result here and include it in the total on Form W-4, page
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2, Deductions and Adjustments Worksheet, Line 5
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