how much will i get back on my 2007 taxes and i make 29,000 a year
2007-09-24 07:29:14 · 9 answers · asked by yamilette r 1 in Business & Finance ➔ Taxes ➔ United States
Don't know, since I don't know if you itemize or take the standard deduction. Don't know the age of your child so you might or might not get the $1,000 per child child tax credit (child has to be under 17). Need more info than just what you make. Don't know what state you live in, so can't tell you anything about your state tax return.
2007-09-24 07:38:24 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No way to answer that without knowing how much is being withheld for the year. You will have some tax liability, but should also be eligible for EIC. Taxes after the child tax credit will be around $634 minus around $476 for EIC, so your total tax liability will be around $158. Subtract that from whatever you will have withheld total for the year for federal income tax, and that will be approximately the amount of your refund.
2007-09-24 14:45:42 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Not exactly a windfall for you, but you will at least get all your withholding back.
Assuming there are no other adjustments or deductions, all income is from wages:
Income: 29,000
Less
standard deduction 7,850
two exemptions 6,800
AGI 15,350
Tax 1,743
Less CTC 1,000
Tax after CTC 743
EIC 811
Refund $68 plus any federal withholding you had taken out of your pay.
If you want to boost your refund, you can put money into a traditional IRA. For example, if you put $4,000 into a traditional IRA, your refund jumps to about $1,000 plus your withholding, because of decreased tax, increased EIC, and the Savers Credit.
2007-09-24 14:59:35 · answer #3 · answered by ninasgramma 7 · 0⤊ 1⤋
go to handrblock.com and there is a 2007 tax estimator. Just input your numbers and it spits a number back at you. Look on the bottom of the page. I'd post a link but I dont know how.
2007-09-24 20:11:10 · answer #4 · answered by Anonymous · 0⤊ 1⤋
really. what difference does it make?
head of household always gets a grip. and to claim a child! WHOA!!! u gonna get about 1500 more! you gunna cake regardless. just go have em done and sit back and wait on that NEW MONEY!!!
2007-09-24 14:33:44 · answer #5 · answered by luvalee2004 2 · 1⤊ 1⤋
Unable to answer the question because i have no idea how much you had withheld.
2007-09-24 14:32:41 · answer #6 · answered by scott A 5 · 1⤊ 0⤋
you need to ask your tax man and file apropiate actions on your return
2007-09-24 14:32:10 · answer #7 · answered by silverearth1 7 · 0⤊ 0⤋
Doesn't it depend on the amount that was withheld?
2007-09-24 14:35:04 · answer #8 · answered by mil414 4 · 0⤊ 0⤋
JUST DEPENDS ON AMOUNT WITHHELD.
2007-09-24 14:36:17 · answer #9 · answered by TABBYKAT34 4 · 0⤊ 0⤋