Last year my husband and I brought in about 45 thousand and we had a baby so we ended up getting 2800. Now that I've been staying home , we would only declare my husbands income which lets say is going to be 30 thousand. I know we will get more cuz I haven't been working , but is my husband going to declare me and the baby as 2 deductions or just the baby as one? How much can you predict that we'll get if i can also be conssidered a deduction. We also own our home.
2007-09-09 05:00:13 · 3 answers · asked by mna 2 in Business & Finance ➔ Taxes ➔ United States
You should file a joint return with two personal exemptions plus an exemption for the child. I am assuming you will not itemize.
Gross income: $30,000
Less standard deduction: $10,700
Less three exemptions: $10,200
Taxable income: $9,100
Tax: $910
Reduced to zero by the Child Tax Credit
Refundable credits:
Additional Child Tax credit: $90
Earned Income Credit: $643
Total refundable credits: about $750
Add to this any withholding from your husband's W-2, and that is an estimate of your refund. Check your latest paystub to see what the withholding is.
2007-09-09 06:12:21 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
You'll file a joint return and get three exemptions, one for each of you and one for the baby.
No way to tell you what you'll get back without knowing the total being withheld, and what your total itemized deductions would be or if you just take the standard deduction.
You'll get a $1000 child tax credit for the baby, so your total tax owed will probably be just a little over $500 - if he has more than that withheld, you'd get the rest refunded.
You'll also be eligible for an earned income credit, which should wipe out the taxes plus give you around $100.
So overall, your refund will probably be whatever he had withheld, plus $100 - if you itemize, maybe a little more.
2007-09-09 12:09:35 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Assuming that you made exactly $30K and had the same withholding throughout the entire year the following refund should be expected including your EIC. (standard deduction also assumed, while you may have more it will not make a difference)
With 1 withholding allowance = $2,338
With 2 withholding allowance = $1,836
With 3 withholding allowance = $1,496
2007-09-09 12:30:57 · answer #3 · answered by ? 6 · 0⤊ 0⤋