how much will i get back?

Question

i live in ny me and my husband made probably around 33,000$gross for the year we have 3 children and we rent our house?does any1 know?

im sorry it probably was more around 33000$

sorry again 30000$lol

Answer 1

What he said... but also other things can lead to a better refund. Did you put away money in a 401k? There is a credit for that.

Are any of your children in daycare? Basically if you pay anyone besides a relative to watch your children you can claim it on your taxes. It will reduce your liability and free up some of the "credit" money so that it will boost your refund.

I suggest waiting until tomorrow and doing a test for yourself with Free File. It's free and if you like the results you can e-file and have a refund in 9-14 days using direct deposit. I do it every year and use TurboTax. TurboTax will walk you through it step by step and is easy to understand. You don't have to understand taxes to be able to file them! It asks you questions and you answer them. If you don't like TurboTax they have many other options for free. You can get all the way to the end and print out your return and review it. If you wanted they probably have free tax advice in your neighborhood that could take a look at it. I have never had a problem with TurboTax though, it will alert you if there are any problems and with your income its FREE.

Answer 2

How much you get back depends on how much you had withheld. If your total wages was $33,000, and you are claiming standard deduction (no mortgage interest), that is $10,300 (for married filing joint). Add in three children, and the total exemption amount for 5 people is $16,500. This leaves you with taxable income of $6,200. Using the MFJ tax tables, your tax liability is $618. Assuming your three children are all under 17, and they would qualify for the child tax credit, you would get $3,000 for your children. And since you have 3 children, the child tax credit becomes a refundable credit, so the credit would wipe out your federal tax liability and give you $2,382 back. In addition, whatever you had withheld for federal income tax would come back to you as a refund as well.

So your federal refund would be the total of $2,382 plus whatever federal tax you had withheld.

For NY, your tax liability is $601 for NY state, and $437 if you are subject to NYC taxes. Also, NY state and NYC gives a small household credit, which you are right on the border with. My calculation does not take into account the credit. Also, new for 2006, NYS gives a child tax credit which is the greater of 1/3 of your federal child tax credit or $100 times the number of children you have.