I HAVE TWO CHILDREN AND I AM THE HEAD OF HOUSEHOLD. I PROBABLY MADE CLOSE TO 40,000 THIS YEAR. AND SHOULD QUALIFY FOR EARNED INCOME CREDIT.I LIVE IN TEXAS.
2007-01-09 09:01:55 · 4 answers · asked by thagoldengyrl01 2 in Business & Finance ➔ Taxes ➔ United States
assuming you didn't have a 401k or IRA retirement savings account, and you didn't have child care expenses, and you didn't have education tuition expenses, or didn't move more thatn 50 miles away to a new job, and don't own a house...then you take your total 2006 Federal Withholding and subtract $849...that will be your refund....for example, if you had $3000 withheld Federally for the 2006 year, then 3000-849=$2151
...i think the dude below forgot the $2000 (2 X $1000) you'll get as child tax credits
2007-01-09 10:49:27 · answer #1 · answered by (_)iiiiD 4 · 1⤊ 0⤋
As far as how much you get back there is no way to tell exactly untill you complete your income tax return...if you have H&R block offices there, you can go to the website www.hrblock.com and do the refund estimator you need the last paystub from 2006 to do that. In most if not all states your employer has to have your w2s to you by the end of this month.
2007-01-09 17:07:50 · answer #2 · answered by Amanda R 2 · 0⤊ 1⤋
The maximum earned income for the EIC when filing Head of Household is $36,348 Therefore you don't qualify. Assuming the standard deduction and no credits, your tax is as follows:
AGI: 40,000
Standard Deduction: 7,550
Exemptions (3): 9,900
Taxable income: 22,550
Tax: 2,849
2007-01-09 19:49:19 · answer #3 · answered by STEVEN F 7 · 0⤊ 1⤋
If you made $40k, you do not qualify for EIC. It cuts out in the low 30's.
The w2's must be postmarked by 1/31. Most people get them the last week in January through the first week in February.
2007-01-09 17:08:07 · answer #4 · answered by Wayne Z 7 · 0⤊ 1⤋