Can you help me estimate my tax refund?

Question

Before I head off to the tax preparer I would like to go with a rough idea of what we should be expecting.

We are as Married filing Jointly.
We have one child.

gross income $34,032
Federal Tax $682.67
Social Sec. $2,109.95
Medicare tax $493.51

we also cashed in our 401k early

gross cash in $ 974.77
Federal Tax $ 194.96

Can you tell me if we would be getting back if so how much and if I owe how much do I gotta fork up?

Thanks

Answer 1

I come up with a little under $300 refund. This includes the 10% penalty for taking out your 401K early.

It also assumes your child is under 17. If he/she is 17 or older, you wouldn't get the $1000 child tax credit so would owe about $700.

Oops, I forgot the telephone excise tax credit - you'll do $50 better than the above numbers show.

Answer 2

With the limited info you have given I have crunched some numbers and come back with a refund of $297 for you! Spend it wisely. Of course without all of your info there is no way of knowing if this amount is even close to accurate.

Answer 3

Go to H&R blocks website they have a link that will give you an estiment but they were $200.00 off on mine..