Do you need dependents to get back tax return money like next year I am supposed to get my tax return money after filling out the tax return form and i don't have any kids or anything like that will istill get my tax return money and they take a lot form my check?
2007-11-04 09:52:21 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you are single and have no dependents, there are only two choices on the W2 - 0 or 1. If you claim 0, they will take more out of you pay check and when you claim 1 when filing you will get money back unless you have other income you need to cover. If you claim 1, with luck you will owe little or nothing and get little or nothing back.
2007-11-04 10:19:05 · answer #1 · answered by Mike1942f 7 · 0⤊ 0⤋
If you tax withholdings are higher than your tax liablitiy then you will get that money back. With dependents it reduces your tax liablitiy and also gives you some credits. 2 children you can get the Earned Income credit and 3 or more you get an additional credit. So children do help. Even though the cost alot.
2007-11-04 10:24:24 · answer #2 · answered by somg_93 2 · 0⤊ 0⤋
Whether or not you have dependents, if you have more withheld than your tax liability when you calculate it on your tax return, you get the extra refunded to you - if you didn't have enough withheld, then you have to pay the extra.
Having dependents lowers your tax bill compared to someone with the same income and other deductions who does not have any dependents.
2007-11-04 10:05:42 · answer #3 · answered by Judy 7 · 0⤊ 0⤋