HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
Why did I not receive the full Child and Dependent Care Credit?
The credit is limited by earned income. If you are single, the expenses you can use generally can’t exceed your earned income.
Why did I not qualify for education credits?
You generally cannot claim the American Opportunity Credit or Lifetime Learning Credit if any of these apply
Why did my dependent credit change?
If you were claiming the Child Tax Credit, your dependent may no longer qualify for that credit if the child was age 17 or older at year-end
Why did I lose or receive a smaller child tax credit?
The law changed after 2021. For tax year 2021 only, the credit was temporarily expanded. Starting with tax year 2022, it generally reverted to pre-COVID rules
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Does being in a higher tax bracket mean all my income is taxed at that rate?
Being in a higher tax bracket does not mean all your income is taxed at that higher rate. Federal income tax is progressive, so different layers of taxable income are taxed at different rates.
Why did I move into a higher tax bracket?
Usually, it means your taxable income increased enough to cross one of the bracket thresholds for your filing status.
Why is my taxable income lower than my gross income?
Taxable income is usually lower than gross income because the tax return is built in stages
What does my marginal tax rate mean?
Your marginal tax rate is the tax rate that applies to your next dollar of taxable income. The IRS explains that federal income tax is charged in layers