I switched jobs this yr and made only a small amount this yr compared to other yrs. It will be around 20 thousand. I have two kids and I am married filing jointly. I have been claiming 9 since June of this yr so not much has come out in taxes. I have always gotten back a refund in the past making almost 3 times as much as this yr. I will obviously be elligible for the EIC this yr but since I have not paid in much for taxes will I get back anything. I also have mortgage interest that I can deduct, do I get to do that along with the EIC or can I only do one or the other? I am kinda worried I might have to pay in even though that seems unlikely since I made so little and have 2 kids. Does anyone know what I might expect when tax time rolls around?
2007-12-13 04:45:47 · 5 answers · asked by pat m 1 in Business & Finance ➔ Taxes ➔ United States
You did not mention if your husband has any income. Otherwise, I would agree with everyone else who answered.
2007-12-13 10:34:25 · answer #1 · answered by Steve 6 · 0⤊ 0⤋
With $20K income, filing jointly with two kids, as long as that's your only joint income you won't owe any federal income tax - your 4 exemptions and your standard deduction for yourself and your wife will wipe out the income. So claiming 9 all year was fine - and you'll get back whatever WAS withheld for federal income tax, plus EIC of around $4161 - you won't have to pay in.
Getting EIC doesn't stop you from itemizing and claiming your mortgage interest, but itemizing can only reduce your income tax to zero and yours is already there, so there would be no point in itemizing, it wouldn't make any difference.
2007-12-13 11:54:53 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
With that income and 2 kids your tax liability will be zero. You'll get all income taxes withheld back, plus whatever the EIC works out to. That could be a few thousand total.
Your standard deduction and 5 exemptions will wipe out any tax liability. Your mortgage interest (and any other itemized deductions) will not be worth anything to you this year so it won't be worth even messing with them.
2007-12-13 04:56:28 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
If you paid in more than you owe, you will get money back. Most people do. You won't know what until you have all your documentation in place.
2007-12-13 04:50:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
More than likely, yes.
2007-12-13 04:53:36 · answer #5 · answered by quatrapiller 6 · 0⤊ 0⤋