can anyone give me a rough estimate on my tax return...?

Question

me and my wife made about 35,000 this year....we have a baby...and i think thats it lol...thanks for the help

Answer 1

A refund is the government returning your own money to you because you had too much withheld from your paychecks during the year.

It is impossible to estimate your potential refund from the information you have given because we don't know how much you had withheld. There are a variety of child related deductions and credits so you might want to consult a tax pro this year to make sure you take full advantage of them.

Visit www.irs.gov and use their W-4 calculator. This will tell you how many allowances you and your wife should claim on your W-4 for next year so that you will keep your money in your paychecks and not have to wait for the government to send it back to you the next year.

Answer 2

Assuming you are using the standard deduction (i.e. short form,) You should have a tax liability of around 700 after the Child Tax Credit. Take that number and subtract out what your company withheld from your checks over the course of the year for Federal withholdings, and that will give you a relative idea of how much you will owe for the year - or how much of a refund you can expect to get.

More deductions might make for a higher refund, if it goes above your standard deduction, so if you own your own home and pay a mortgage on it, then disregard the above calculation.

Answer 3

Your tax return will be fairly simple. Wait until you receive your W2 forms from your employers and the tax forms from the IRS. If you have not filed previously, you have to ask for the forms and instructions. If you filed, the IRS will mail your forms.

Now is a good time to start collecting information on your expenses. You may be able to itemize, which can save taxes if your itemized deductions are greater than the standard deduction. Itemized items include all medical expenses, including health insurance, dental, eye, hearing, and mileage driving to and from medical services. These are all subject to reduction by 7.5 percent of your adjusted gross income. Other deductions include mortgage interest, charitable donations, and taxes such as property, state, and sales tax in some cases.

Answer 4

Married filing jointly with one child and total income $35,000;
social security tax $2,170
medicare tax $507.50
federal income tax $1333 (using standard deduction)
No EIC as income exceeds $34,001.
Child Tax credit $1000.
Federal tax on the return $333. Then there may be state tax.

Answer 5

Your tax liability will be around $1413, minus the $1000 child tax credit. So if you paid in over $413 for federal income tax, you should get the rest refunded.