Any one know how much can i receive back and does 2 or 3 dependants really make a difference?
2007-01-10 09:50:03 · 6 answers · asked by sadgrl26 1 in Business & Finance ➔ Taxes ➔ United States
A great deal of people do not realize the income tax return isn't money from the government. Some people might have a big return because they have allow they have one way or another paid too much taxes during the year. As another had described, these people gave the government an interest-free loan for a whole year.
You can use this online calculator to help you figure out how much you will receive.
2 dependents will qualify you for the most Earned Income Credit you can receive for your income. You might also qualify for dependent care, child credit and additional child credit, education credits.
If you are not sure what you are doing, it might be best that you consult a professional.
Best wishes.
2007-01-10 10:26:52 · answer #1 · answered by JQT 6 · 1⤊ 0⤋
Since you gave no indication how much you make or how much was withheld, any answer about your refund is a guess. As others have said, a refund actually means you gave the government an interest free loan. Even if you are entitled to the Earned Income Credit, you should not get a large refund if your W-4 is correct. You can get 'Advance EIC payments' in you paycheck. This means the amount of the EIC credit is actually paid to you during the year instead of waiting until you file your taxes.
The maximum amount of the EIC is $4,536 for incomes between $11,300 and $14,850. If you are paid every 2 weeks, this equals $175 per paycheck.
2007-01-10 18:44:30 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Stupid people get 7 grand back becuase they gave the govt an interest free loan for the yr. You likely can get all your withheld income tax (not fica or medicare) back with that low an income. Maybe some earned income credit on top but can't get much more back than you put in which should not be much at all.
2007-01-10 18:03:20 · answer #3 · answered by vegas_iwish 5 · 1⤊ 0⤋
you'll get back several thousand dollars with the earned income child credit and having dependents make all the difference. I usually get back around 1500 per child and if your single and claim head of household u get back even more. I have 2 dependents and make around 13, 000 a year and get back over 5,000 each year. to find out exactly how much you'll get back, u can go to the h and r website. they have free calculaters that r extremly easy to use, good luck
2007-01-10 18:15:05 · answer #4 · answered by heavensent4u1981 1 · 0⤊ 0⤋
Go to www.shaydzofluv.com and they can give you a free estimate and try to get you the most money back and yes claiming more than 2 does make a difference it takes down your taxable income and gives you more of a deduction.
2007-01-10 19:58:42 · answer #5 · answered by shaydzofluv 2 · 0⤊ 1⤋
one dependent who under 24, have $3300 taxable
2007-01-10 18:04:45 · answer #6 · answered by Ian W 1 · 0⤊ 0⤋