2007-11-14 13:13:25 · 5 answers · asked by redbone001 1 in Business & Finance ➔ Taxes ➔ United States
i have only had 400 with held, plus my kids are 7 and 5
2007-11-15 05:40:33 · update #1
You don't give enought details for an exact answer. However, you should get all of your tax withholding back plus extra money because you should qualify for earned income credit. Also, you may not get the full Child Tax credit, but you may qualify for the Additional Child Tax credit.
2007-11-15 11:17:48 · answer #1 · answered by Steve 6 · 0⤊ 0⤋
Without all of the details, nobody can tell you... However, at that level of income and number of dependents you should qualify for an "Earned Income Credit". This credit is refunded to you on top of your regular refund and usually amounts to about $4,000. That is in addition to a full refund of what you had withheld as Federal Income Tax throughout the year.
Be careful claiming this credit... It is one of the IRS's audit trigger items. If you claim it and you didn't really qualify, look out.
2007-11-14 14:37:59 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Your deduction as Head of household is $10,850.
Deduction for two dependents is $6,800.
Total deductions $17,650. Taxable income for federal tax is $6,350. Federal tax $635. You may get Earned Income Credit and Child Tax Credit if you have qualifying child.
2007-11-14 17:38:05 · answer #3 · answered by MukatA 6 · 0⤊ 0⤋
You left out a couple very important items - one is how much you had withheld from your paycheck. And the other is - are the dependents your kids, and how old are they? Can't answer without that info.
2007-11-14 13:24:27 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
I don't know what you mean by get??
2007-11-14 14:06:52 · answer #5 · answered by richard t 7 · 0⤊ 2⤋