2007-02-07 08:56:17 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Your rent is irrelevant.
Based upon the information given, you will have no tax liability so you should get all of your taxes back. You almost certainly qualify for the Earned Income Tax Credit as well. For $16,000 earned income with 2 qualifying children (under 19) that would be $4,280. That would make for a total refund of $6,080.
With that much money coming back, you might want to consider two things. First, increase the number of withholding exemptions at your job to reduce the amount of tax withheld. Second, apply at work for advance payment of the EITC. These two actions will reduce your refund next year by about $3,000, but you will average about $150.00 more in every paycheck throughout the year if you're paid bi-weekly.
2007-02-07 11:52:38 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you only earned $16,000 for the year and had $1,800 of federal withholding, you should get it all back, and then some. As head of household, your standard deduction is $7,550 and your personal exemption for 3 is $9,900. This means your taxable income is zero, so your entire federal withholding would be refunded to you. You would also qualify for the earned income credit, which would give you a few hundred dollars more back. As far as the rent you paid, there is no federal deduction for rent, but depending on the state you live in, you may get a credit on your state return for rent paid.
2007-02-07 17:02:22 · answer #2 · answered by jseah114 6 · 1⤊ 0⤋
go to hrblock online there a tax estimator that is fairly close. you enter your generic info like income, how much you paid, filing status
then you will get the results
you may be interested in some of the Tax Prep Deals I found that saves some money on tax prep services online.
2007-02-10 04:56:56 · answer #3 · answered by Anonymous · 0⤊ 1⤋
if you go to hrblock online they have a tax estimator that is fairly close. you enter your generic info like income, how much you paid, filing status, and dependents, and they give you an estimate of what you will PROBABLY get back. and rent doesnt matter. good luck.
2007-02-07 18:05:08 · answer #4 · answered by mcjono69 2 · 0⤊ 2⤋
Rent is irrelevant to your tax payments or refund.
2007-02-07 17:00:06 · answer #5 · answered by kingstubborn 6 · 0⤊ 1⤋