how much will i get back?

Question

all right i need to know about how much i'm getting back on my taxes this year. i'm going to make about $21000 so far i've paid in 1000 federal i have 1 child and will be claiming head of household. i also bought a 78500 house. i paid 3000 at closeing how much will i get back? i was figureing 7000 but that sounds to high for a broke man.

Answer 1

Right now, the most you'd get back would be the 1000 federal, and as long as your child is under 17, you'd get a 1000 child tax credit as well. You would also more than likely get Earned Income credit, but would need to know taxable income for you to determine that amount. You are correct though, $7,000 is way too high.

Answer 2

If you are eligible for a child tax credit for your child, that would probably wipe out whatever federal income tax you owed, so you'd get back whatever you paid in. If you keep paying in for the rest of the year, that might be around $1700. You would most likely be eligible for an earned income credit of another $1700-$1800. So in total, more like $3500. I'm not sure how you came up with the $7000, but sorry, not going to happen.

As to the closing costs - if you owed taxes, it's possible that some of that, not all, might be deductible. You would only get any benefit if you itemized, and then only a small percentage of it off your taxes. But since if you are eligible for the child tax credit you probably won't owe any taxes, a deduction wouldn't change anything no matter how much it was.