Will my taxes this year stay the same?

Question

Ok last year was the first year we claimed our daughter. I have made a little bit more this year than last due to a raise. My husband quit his job Oct. 2006 and got a new job Feb. 2007 and got fired from that job Nov. 2007. He made less money at that job. My question is should we be expecting the same amount we got last year or more? Do you basically get the same amount a year when you claim a kid? Thanks

Im talking about the amount I receive back.

Answer 1

The amount you receive as a tax refund is based on taxes owed, money withheld, non-refundable credits and refundable credits.

Your income is lower, then your tax may be lower...but the amount of refund coming from withholding would also be lower (you simply wouldn't have paid the same amount in). The refundable credits (additional child tax credit and earned income credit) are calculated based on your income, so these are also unknown until you file.

Answer 2

What you get back depends on what your taxes are and what you had withheld. If he made less money in 2007 than in 2006, your taxes will probably be a little lower, but your withholding probably was too. So there's no way to tell without more info - total income, and total withheld for federal income tax.

Answer 3

What you get back depends on what your taxes are and what you had withheld. If he made less money in 2007 than in 2006, your taxes will probably be a little lower, but your withholding probably was too

Answer 4

Judy's got it right. If you were really curious, head over to the IRS website and print up a tax form, fill it out with the info you have so far and it will give you an idea on where you stand so far.

Also, if your husband collected unemployment and he didn't have taxes taken out of the unemployement check, he'll have to pay the taxes at tax time. That will also lessen any return you may get.

Answer 5

No it will not be the same. From the info you supplied, you maybe paying less.