Below is a summary of my income.
Person----- Gross income
1)Me $18,000
2)My wife $14,000
3)My son(18 Years old) $2500
My daughter (15) $0.
My rent is around $900 dollars/month.
Please reply me soon...
Waiting for your answer
And Thanks in advance.
2007-02-11 03:16:14 · 9 answers · asked by indianbhai420 3 in Business & Finance ➔ Taxes ➔ United States
I think no
2007-02-11 03:22:37 · update #1
Impossible with the data you supplied. It depends on how much you paid, checking tax tables to see how much you owe, the properly filing your form 1040 for a refund.
2007-02-11 03:22:05 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Tagging onto Steven's calculations, and assuming that the children are the children of you and your wife so are your dependents and live in your home, the child tax credit for your daughter would wipe out the $850 in taxes, so you should get back everything you paid in for federal income tax withholding. You'll also most likely be eligible for an earned income credit if you are filing a joint return. That would be a little over $300, or as much as $1300+ if your son is also your dependent which he probably is, assuming he still lived with you last year.
2007-02-11 14:45:44 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
First, rent is not relevant for taxes.
Assuming you file a joint return and claim the standard deduction, your taxes are computed as follows:
Gross income: $32,000
Exemptions (4): $13,200
Standard Deduction: $10,300
Taxable income: $8,500
Tax: $850
Refund: Amount withheld - $850
Your son is not required to file. If he has any withholding, he should file for a refund.
2007-02-11 14:21:15 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Go to www.turbotax.com you can fill out the information in a simple question and answer format and you will know for sure. It doesn't cost anything to do it until you file or print the returns so you can work it out for free. It is very easy and doesn't take long at all, maybe 20 minutes. It asks you very simple questions and does all the work for you.
Also based on the information you gave you qualify to e-file for free. If you go to www.irs.gov and click where it says free file you can use turbotax through them and e-file for free. If you have the money direct deposited you can have your refund in 10 days or less nad don't have to pay anyone to do your taxes.
2007-02-11 11:27:11 · answer #4 · answered by Hotsauce 4 · 1⤊ 2⤋
How much tax did you pay?
The refund is the difference between your federal tax, and the federal tax withheld - if the tax withheld was more than the tax. No one here can tell you what your refund will be.
Do you taxes, and see how the numbers come out. Then you will know. Or have a friend do them.
2007-02-11 11:22:12 · answer #5 · answered by Anonymous · 1⤊ 1⤋
If your son is 18, he should be filing his own tax return since he is the one who earned money, and the amount of your rent has nothing to do with a tax refund.
2007-02-11 11:37:17 · answer #6 · answered by Anonymous · 0⤊ 2⤋
how much did you have with held. can't tell what kinda tax refund you are gonna get if we don't know what you paid in
2007-02-11 12:23:26 · answer #7 · answered by stuart 3 · 2⤊ 0⤋
It would depend on how much you paid in.
2007-02-11 11:18:34 · answer #8 · answered by Anonymous · 2⤊ 1⤋
Do you have any deductions, besides your kids?
2007-02-11 11:18:25 · answer #9 · answered by jessiekarma 4 · 0⤊ 2⤋