how much refund do i get w/ 1 child if my gross income is 16,012.55 and my fed tax witheld is 1,234.55?

Question

I am trying to get an idea of how much my tax return will be. I am single. I have one child, born this year. I have no assets. No investments. My total gross income is $16,012.55. My total federal tax withheld is $1,235.01

Answer 1

You'd get back the $1,235 that was withheld, plus $2751 for EIC.

Answer 2

Your total tax liability works out to about $136. The Child Tax Credit will wipe that out. You are almost certainly eligible for the EIC. That was $2,553 for 2006 and will be a few $$ higher this year; the 2007 version of IRS Pub 596 isn't out yet. So you'll get that plus a refund of all Federal income tax withheld. If the FITW was the $1,235, your total refund will be about $3,788.

You're having way to much money withheld form your pay. You have given the government a significant interest free loan for upwards of 15 months. I'd suggest that you kick your withholding allowances up by 3 or 4 at least and file Form W-5 with your employer to get some of the EIC paid in your paycheck next year assuming that your income is close to what you made in 2007.