Im claiming my son and i make only about 12k yr i heard from a friend that was told by an h&rblock employee that if you make less then 15k when you have a child that you get most of that back. This is true?
2007-12-09 06:14:53 · 5 answers · asked by jenn n 2 in Business & Finance ➔ Taxes ➔ United States
yes you likely will get a refund if you have been having taxes taken out of your paycheck on a weekly basis.
2007-12-09 06:26:04 · answer #1 · answered by redwine 6 · 0⤊ 0⤋
True. You income is about $12 K,
The following mandatory deductions and exemptions are $14650
((14650-12000=Your Tentative Refund ( 2650+withheld amounts+EIC))
$3400-Your son's dependency exemption
+$3400-Your Exemption
+$7850-Standard deduction for Head of Household
(you can use an itemized deduction, if it is greater than your standard deduction), in addition, you also qualify for Earned Income Credit and Child Tax Credit of $1000 (if your son is under 17 at the end of the tax year). Child Tax Credit is a non refundable credit, which means it only zeroes down your tax liability and the rest can't be refunded to you, so this credit is not for you this year, since you have no tax liabililty.
2007-12-09 06:37:43 · answer #2 · answered by Q 3 · 0⤊ 0⤋
If you make under $15K and have a dependent child, the exemption for the child and the child tax credit will reduce your tax to zero, so you'll get everything back that was deducted for federal income tax. Plus you'll be eligible for an Earned Income Credit which you'll also get with your refund, over ane above what you had withheld.
2007-12-09 10:18:17 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
What you get back depends upon your gross income, filing status, and other deductions, credits, and exemptions vs what was withheld from your pay.
If you are a Single taxpayer filing as Head of Household you would have zero income tax liability at your income level and would therefore get any income taxes withheld back.
You would also probaby qualify for the EIC. At your income level, that would be worth $2,747. Since the EIC is a refundable credit you'd get that money from the IRS even if your tax liability was already zero.
2007-12-09 06:26:13 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you are filing as a single mom with one dependent under the age of 17, yes. You probably wouldn't owe any income taxes and would get most of your withholding back as well as an earned income credit;
If you are married and filing as married filing separately, no.
2007-12-09 06:23:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋