Will I get a refund?

Question

I am currently not having any federal taken out of my paycheck each week because of the number of exemptions I have (I have 5 kids and am head of household) Will I get a refund this year?

Answer 1

How much are you making? How old are your kids? What kinds of income do you have? Too many unknowns to answer you. But I can give you a good way to do a ballpark guess. Look at what your tax was last year, and look at what your credits (if any) were last year. You probably got at least the child tax credit, and dpending on your income level, earned income credit. If your credits added up to more than your tax last year, then you should get a refund this year. Just to let you know though, the $1,000 per child child tax credit that a person receives ends for the child when the child turns 17. I don't know the ages of your 5 kids, so don't know how many $1,000 per child child tax credits you got in 2006.

Answer 2

You're not asking about a refund, you are asking about an Earned Income Credit (EIC).

EIC is based upon your income and the number of children. Let's say you'll make $20,000 or less. You'll get the EIC.

You will receive a W-2 from your employer no later than January 31st. Don't wait until April 15th to file.

If you take your W-2 and all the social security cards for your children into the IRS, they will help you fill out the tax return for free. Sometimes church groups will do them for free too. If you wait until April, the lines will be very long. Go to the IRS in Febuary and you'll not only have a shorter wait, but you'll get that check much sooner.

Don't be afraid of the IRS - unless you lie to them. Don't ever lie to the IRS.

Answer 3

Depends on how much you make. With 5 kids, if they are all or mostly all under 17, you might be eligible for the additional child tax credit and/or and earned income credit. Since both of these are what's called refundable credits, you could possibly end up with a refund even though you haven't paid anything in.

Answer 4

Can't say. If your income is low enough to qualify for the EIC it's possible that you will get a refund there. It's also possible that the Additional Child Tax Credit may put some money in your pocked as well.

Without knowing all of the details of your financial and tax situation it's impossible to say exactly what you might qualify for.

Answer 5

Depending on how you file and what tax credits you get will determine if you get a refund, all you can do is wait till the end of the year and see then if you'll recieve a refund.Good Luck!

Answer 6

As a rule of thumb, people receive tax refunds because they had too much tax withheld from their paychecks during the year.

If you don't have any tax withheld from your paychecks, then you can't possibly have had too much withheld during the year.

One possible exception: If you're eligible for the Earned Income Credit, you may still get money back from the IRS when you file your taxes. This web page from the IRS can help you figure out if you're eligible. http://www.irs.gov/individuals/article/0,,id=150513,00.html

Answer 7

Impossible to answer without knowing all of the information asked for on the 1040 form.

Assuming you did a W-4 form, you should know approximately where you stand.

Answer 8

We are an accounting firm.

Review our site. http://www.bcbsinc.com

Go to links to left and review 1040 tax estimator as this may help you to determine if you will get one based on your "entire" situation.

BC Business Services, Inc.

Answer 9

you may qualify for EIC(earned income credit)