I live in Georgia, last year i made $19000 and i got $4,400 back on my refund. this year i'll make $29000

Question

Will i get more on my refund next year? I'm claiming Married w/ 1 dependant. Also any guestimates on what i would get?

Answer 1

With an income of $19,000 and married with one child, your taxable income was zero. You received a $1,000 child tax credit and some Earned Income Credit.

Now if your income jumps to $29,000, your taxable income is now in the range of $9,000 and your tax is going to be about $900. Your EIC will decrease as well. Unless your withholding has increased, your refund will be much less.

You can increase your refund dramatically if you open and fund a traditional IRA. For example, if you put $2,000 into your IRA, your tax drops $200 plus you get a credit of $1,000 against any additional taxes you owe (the "Savers Credit"). Your Earned Income Credit will also increase a couple of hundred dollars.

Answer 2

There's a good likelihood that a lot of the refund that you got last year was due to the EIC. That's near the wage where it tops out. With an additional $10k coming in and only 1 child the EIC will be MUCH lower this year. All else being equal, i.e. same number of withholding allowances claimed, etc. I'd say that your refund will be well less than half of what it was for 2006.

This is a VERY rough guess since I'd need to have a look at last year's return and have quite a bit more information on your finances and tax situation to make any kind of an educated estimate.

Answer 3

You can try to figure it out here. It gives an estimate of what you will get. Since you make so little this year, you didn't pay much taxes so probably won't get back much.
http://www.irs.gov/individuals/page/0,,id=14806,00.html