Tax Question??

Question

I'm a single mother with a 6yr old boy. I have made about $26,000 in 2007 any idea of how much I should be getting back during tax time?? I had no child care expenses to claim this last year. Also is it the more money u make per year the least you get back???

Answer 1

There is a great deal of information you have not included. Assuming you file as Head of Household you should be eligible for an earned income credit which should return most of what you have paid in federal income tax withholding.
Here's a link which explains EIC
http://www.irs.gov/individuals/article/0,,id=96466,00.html#QA2

Answer 2

Your refund is giving you back an overpayment, much like getting change at the grocery store. If your tax bill is less than what you had withheld for federal income tax, then you'd get the extra withholding back. Your tax liability will be around $146 assuming that you claim your son as your dependent. If you had more than that withheld for federal income tax, you'll get the extra refunded to you. Check your last pay stub - it probably has an amount for year to date withholding for federal income tax.

You will most likely also be eligible for an Earned Income Credit of about $1153 - that will be added to your refund check.

The amount of your refund doesn't necessarily go up or down when you make more - it depends on what you had withheld and also your personal situation.

Answer 3

There are 3 types of Mothers:

Those who have never been married (single)
Those who are divorced (divorced)
Those who have been widowed (widow)
Your taxes cannot be calculated without knowing into which caregory you fall.