I only worked for 5 months the total of money I earned is 4 thousand dollars? Anyone know doesn't have to be exact amount? just a guess? my son is 3 and half year old..
2007-01-09 07:30:59 · 9 answers · asked by tiffanyd312 1 in Business & Finance ➔ Taxes ➔ United States
You would likely get all your taxes back if you file. The easiest way to find out is use your last pay stub of the year and get the form to fill out yourself - it comes with directions in a booklet (at the Post Office or local library). All you have to do is enter info from the pay stub and follow along - and you will know in no time if it is worth it for you to file.
Peace!
2007-01-09 07:37:00 · answer #1 · answered by carole 7 · 0⤊ 0⤋
You didn't say how much you paid in. But if you only earned $4K in 2006, then you will likely get all your federal income tax paid back. I believe the limit is $13K, if you don't earn more then that you get all your federal tax $ back.
Your son won't make any difference in the calculation. You get to claim your son as a dependent, which lowers your taxable income. Since you haven't crossed the minimum income level yet he doesn't help or hurt your tax case. You have to be able to claim him as a dependent though? Can someone else claim him as a dependent, such as his father or grandparents. Two people can't claim the same person as a dependent.
2007-01-09 15:39:39 · answer #2 · answered by Fester Frump 7 · 0⤊ 1⤋
You will get back every dime you paid in taxes and then $3200 in addition to that. If you don't make more than $8000 and no one else can claim your child, you will get the earned income credit for your child.
Since your net income was less than 8k you are not taxable. You might have to check on the child tax credit though. There might be a minumum earned income to be eligible, I know you are well below the maximum (which is 32K).
2007-01-09 15:36:16 · answer #3 · answered by John P 6 · 0⤊ 1⤋
My sister is in the same boat. Because of your income you won't owe any tax. So the child tax credit and the additional child tax credit will not apply. You will get EIC for your son. If you had the maximum withheld from your paycheck you might be looking at $1600 - $1800.
Roughly.
2007-01-09 18:29:39 · answer #4 · answered by Celeste 6 · 0⤊ 0⤋
You should not only get back all the money you paid into taxes, but you should also qualify for the Earned Income Credit. Make sure you look for that one--you can actually get money back above what you paid in!
2007-01-09 15:37:54 · answer #5 · answered by Zebra4 5 · 0⤊ 0⤋
Either way you are better off claiming your son as a dependent. That is if you cared for him for 6 months out of the year.
2007-01-09 15:36:04 · answer #6 · answered by vince 3 · 0⤊ 0⤋
About $300 /month. That won't even cover 1/20 of the expense for your son.
It so pathetic that our government takes so much takes and doesn't give anything in return, other than making weapons and missiles and bombing poor and limp countries in the world. Let's see if we have the guts to invade china about their hon-humanitarian ways.
2007-01-09 15:34:42 · answer #7 · answered by slickbabe_model_03 2 · 0⤊ 0⤋
Depends on the deduction you are entitled to, the amount of taxes paid in through payroll deductions, etc......
2007-01-09 15:35:01 · answer #8 · answered by whymewhynow 5 · 0⤊ 0⤋
at least 600 for 12 months, maybe more.
2007-01-09 15:33:46 · answer #9 · answered by dj s 2 · 0⤊ 0⤋