I've looked and can't find the answer, please help me out. I'm wondering how much money you can make and be able to get most of your federal and/or state tax money back. Also - when is the soonest & latest dates you can file your taxes?? I live in Iowa if that makes any difference. Thanks!!!!
2006-12-26 12:18:14 · 2 answers · asked by teen_dirt 1 in Business & Finance ➔ Taxes ➔ United States
For federal taxes, the answer depends on your family situation. For each person (yourself, your spouse if you have one, and any dependents) you get $3300. Then you get a standard deduction of $5150 if you're single, $10,300 if you're married filing joint. Add those up. That's the amount you can make before you pay any federal income taxes. Depending on your family situation and your income, you could make a lot more than this and not pay any taxes because of credits that are available, such as the child tax credit and the earned income credit. This is the same no matter what state you live in.
Iowa taxe rates are fairly low at low income amounts, so if you're within the amount where you're not paying federal taxes, you probably won't pay much Iowa state tax either although you might pay some.
2006-12-26 14:40:23 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You could go to H&R Blocks website and use their tax refund calculator. Also I think as of January 1st you can file as long as you have your needed paperowrk, however, it will take a little while to get your refund. They don't usually start doing rapid refunds until about January 15th or later. The latest you can file is April I think.
2006-12-26 13:16:39 · answer #2 · answered by me 2 · 0⤊ 0⤋