How much of a tax return will we get with 3 kids, making like 50k this year?

Question

just a ball park amount- we live in OKlahoma, we are military- it doesnt have to be an exact amount- just a quick figure.

Answer 1

It depends, among other things, on how much you had withheld. There are other things that can make a difference, but that's the biggest one. After taking off the standard deduction and 5 exemptions from $50,000, your tax should be a little under $3000. The child tax credit should wipe that out, so you'd get back approximately what you paid in - you should be able to find that on your pay stub in a YTD (year to date) area.

This assumes that you're eligible for the child tax credit on all three children. If they're all under 17, you're probable eligible for the credit.

Good luck.

Answer 2

Without knowing how much was withheld, there is no was to estimate your return. That said, I will attempt to estimate your tax liability using the standard deduction. You can go from there.

Assuming Married Filling Jointly

Federal Income Tax
AGI: 50,000
Standard Deduction: 10,300
Personal exemptions (5): 16,500
Taxable Income:23,200
Tax:2.729

OK Tax
AGI:50,000 (assumes no adjustments)
Standard Deduction:3,000
Personal Exemptions (5):5,000
Taxable Income:42,000
Tax:2,069

NOTE: I originally answered for 2 kids. I have edited my answer for 3. Any child care or EIC credits have been ignored for lack of information.

Answer 3

No-one can even guess when the only figure you give is the income. Try re-writing your question and include: TAX PAID, major deductions etc
Then someone may be able to give you a very rough estimate

Answer 4

Without more information, any figure could be way off. Do not listen to answerers who try to give you a refund amount.

Answer 5

You could get around $680 (add'l child tax credit) plus taxes withheld. I am considering just standard deductions. If you have child care expenses, education credits, itemized deductions, etc. you need to add that up.

Answer 6

Check out my website and on January 2, 2007 I will be able to tell you haw much you are getting back with your last paystub. WEbsite is below click on Taxes.

Answer 7

If you had too much withheld, you will get a refund. If you did not have enough withheld, you will owe.

That is the only answer you will get based on the facts provided.

Answer 8

This question is ridiculous. No one knows how much you have paid in, what deductions you can take, or what state you live in.

Answer 9

That's why people pay money to places like H and R Block.