tax return estimate.?

Question

I am wondering what my tax return will approx. be, wondering if anyone out there is good at math and estimating.

I am married will be filing joint.
2 children
no expense for child care
made approx. $65,000 jointly
paid approx. $3000 to federal and $1200 to state
paid $3500 to medical expenses

If anyone can help that would be greatly appreciated...

Answer 1

To get near to perfect answer to your question - I would suggest you go to TurboTax online (Link Below). There you can do one of two things -

use their any of their service for free and get exact refund / tax amount (You need to provide your personal details - instead you can put Dummy info to start with)

http://turbotax.intuit.com/

OR
Use their "Calculators" and use Tax Estimator.
Here you do not need any Login Information.

http://turbotax.intuit.com/tax-tools/

Notice that you may be able to file 1040EZ for Free!

Hope this helps.
-N

Answer 2

No need for math :) returnestimator.com has a calculator with all the tax options like dependents & child care expenses you can choose from to show you about how much you can expect back or pay in. I did it last year and it was nice to know i was getting money back that year. I will be doing it again this year too!

Answer 3

I'm coming up with taxable income $40,700, tax $5326 minus $2000 in child tax credits, for a total tax liability of $3326. So if you had $3000 withheld, you wouldn't get a refund and would owe the additional $326 when you file.

If you itemize or have other credits like student loan interest, you might owe less, but you don't give info for that. Since even if you itemize you can only take medical expenses that are over 7.5% of your income, the med expenses you have are not deductible.

Answer 4

probably little to nothing is what you owe, you have 2 dependency deductions, 2 personal deductions. That lowers your T.I. I took a few tax classes but I'm no expert but I think a tax accountant will be able to calculate your liability to a well affordable minimum.