How much will I get back on my income tax refund?

Question

My husband and I made $20,470 this year combined. I have two children. My little girl is two years old and my baby boy is two and a half months old. If he claims head of household as well as me and my two children on our income tax, how much will we be getting back, approximately? Any help is appreciated.

Answer 1

Speaking up is correct. HOH is not an option. Not that it matters.

Total income 20,470
Standard deduction 10,300
personal exemptions (4 x 3,300) 13,200

Those deductions on their own wipe out your income. So you have no tax to pay. You will qualify for EIC and Child Tax Credit and will actually get a refund over and above what you paid in federal income tax, if any.

Please, please, please do not do what many people do, which is to file Head of Household to qualify for larger EIC. The IRS checks a proportion of those returns and, if you are caught the penalties are:
Repayment of tax incorrectly refunded plus interest and penalties and
Being barred from claiming EIC for up to ten years. That is a lot of money. It might amount to $30,000 or more of FREE MONEY.

Answer 2

You will file married filing jointly. Never HoH if you are married. With Earned Income Credit, I wouldn't be surprised if your federal refund was up near or greater than $3,000. I don't when you can do it, but you can go to turbotax.com and run your information through. There's no fees to do because the fee are due before it is actually filed.

Answer 3

I think only one of you can claim head of household and the children can only be claimed once as well. It seems like you will get back everything you payed.

Answer 4

You should, I believe receive back everything you paid plus $3343 in earned income credit for your 2 children. You do not want to file head of house hold. You want to file jointly.

Answer 5

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