if you deducted about 4000 a year in property taxes... what could you expect back?

Question

lets say for example you earned 70 thousand... and deducted about 4000 in property tax. what could you see back in a refund for income tax?

Answer 1

Your refund equals the amount of tax paid in through the year minus the amount of tax owed. There's not enough info in your question to have any idea what that would be.

If your question is how much EXTRA would you get back because of the $4000 a year in property taxes, then it could be anywhere from nothing to around $1000. Property tax can be taken as an itemized deduction, so if you don't have enough other deductions to make your total larger than the standard deduction, which you get automatically, then the property taxes won't save you anything. On the other hand, if you have other itemized deductions at least equal to the standard deduction, then you'd get whatever your tax bracket is times the $4000. If you earn $70,000, you're very likely in the 25% bracket, and 25% of $4000 is $1000.

Last year the standard deduction was $5000 for single, $10,000 for married filing joint, a little larger if you're over 65. It will probably be a little more than that this year. If your itemized deductions total less than the standard, you take the standard.

Answer 2

There is no way to tell from this information. Given your apparent understanding of income taxes I would suggest that you seek help from a tax professional. It is very likely that they will save you more than you pay them. That is particularly true if you go to them early in the year and get advice concerning the kinds of things that you can deduct so that you keep better records.

Answer 3

There are entirely too many variables in individual possibilities to make any meaningful assessment. You would need to know personal exemptions, the totals for all deductions, sources and type of income, withholding and/or estimated tax payments. One gross income number and one deductible item are not enough to formulate a reply.

Answer 4

depends on how many dependents you claim