How much would i get back from fed on texes?

Question

Iam married and have one child, Fed Taxable Gross 78,109.35 , Fed withholding 11,130.22 .

Answer 1

Your tax assuming you file a joint return and take the standard deduction and have no adjustments would be $7801, less $1000 for the child tax credit if your child is under age 17.

So if your child is under 17, you should get around $4329 back, otherwise $3329. You might want to consider increasing your allowances on your W-4 to decrease your withholding, rather than giving your Uncle Sam an interest-free loan of that much money next year.

By the way, pay no attention to the answers you got to this question 20 minutes ago. I don't know where the first guy got his numbers, but he's WAY off. And the "glitch" has to do with the Alternative Minimum Tax, and you're below the limit to be subject to that - unless congress acts, a lot of people will be subject to it - and if the act this late, it will take awhile to get the paperwork sorted out and the IRS computers reprogrammed - it shouldn't affect you though.

Answer 2

Unless of course the AMT doesn't get patched in which case your base tax will be $800 higher.