Hi. I am getting a bit anxious as tax season arrives and we are trying to estimate our return before we go into the accountant. I file joint with my wife and we net ~200K. The deductions i have will be identical to the ones I had last year. Last year we got back $6800 from federal and $1500 from state (CA). This year is our turn to claim my step-son as a dependant and we also added another dependant with our first child in Feb of 2006. Based on my last year return, what should I count on bringing in with the two added dependants? Will my return be much larger? Thanks for your help.
2007-01-22 18:43:29 · 4 answers · asked by Purple Haze 2 in Business & Finance ➔ Taxes ➔ United States
From your information, your income is too high to get the $1,000 child tax credit.
You are not in the phaseout range for the dependency exemptions, so you have an additional reduction of $6,600 from your taxable income. Your marginal tax rate is 33%, so the dependency exemptions reduce your tax by $2,200.
So if everything else in your return stays the same as last year, you could get an additional $2,200 back.
2007-01-22 18:59:57 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
Its a thousand per child. Perhaps it randomly changed this year though. Unfortunatley that doesn't mean you will get back that whole $2,000, this is the goverment we are talking about!
2007-01-22 18:48:34 · answer #2 · answered by Ray 1 · 0⤊ 0⤋
u say u only paid 250 in tax for the year?... U probably wont get any back???... if u get centrelink payments for any reason - u will not get any of that money back as its not taxable.
2016-03-28 22:19:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i think its like 1,000 per child. maybe 1,500 per child.
2007-01-22 18:46:25 · answer #4 · answered by MADLYNN 3 · 0⤊ 0⤋