PDA

View Full Version : How much federal tax will I get back if my earnings were 25,486.23?


ellarae10
Nov 26, 2010, 08:40 PM

cdad
Nov 26, 2010, 09:20 PM
Its not that simple. Someone in order to tell you would have to know a lot more personal information that shouldn't be given here in order to tell you what it is going to be.

deedee7510
Nov 28, 2010, 02:27 PM
Go to www.taxact.com and look for the link to their tax calculator. It will ask you certain questions and give you an approxomate of what your refund should be. Just keep in mind that it is not definitely going to be that much or less.. it is an approxomate number. Until you actually sit down and do or have the return done, you will not know for sure what it will definitely be.

ScottGem
Nov 28, 2010, 04:01 PM
You don't get back ANY Federal tax. What you MIGHT get is a refund of federal WITHHOLDING in excess of your actual tax liability.

So you first need to calculate what your tax liability might be and compare that to what was withheld.

AtlantaTaxExpert
Nov 29, 2010, 02:22 PM
Scott:

Actually, that is NOT quite true. There is a sgnificant portion of the U.S. population who get money back on the federal tax return even if they have not had a dime withheld for federal income tax.

This is due to the Earned Income Credit, the Child Tax Credit and, to a lesser extent, the Making Work Pay Credit.

ScottGem
Nov 29, 2010, 04:04 PM
Scott:

Actually, that is NOT quite true. There is a sgnificant portion of the U.S. population who get moeny back on the federal tax return even if they have not had a dime withheld for federal income tax.

This is due to the Earned Income Credit, the Child Tax Credit and, to a lesser extent, the Making Work Pay Credit.

Ok, so these are credits that a person may start with and if their tax liability falls below those credits, even if there was no withholding, they would still get a "refund"?

cdad
Nov 29, 2010, 04:18 PM
Ok, so these are credits that a person may start off with and if their tax liability falls below those credits, even if there was no withholding, they would still get a "refund"?

Yes, exactly. The credits are "as if paid". So there can still be a refund of money when none was put in by the taxpayer in the first place.

AtlantaTaxExpert
Dec 2, 2010, 03:20 PM
Yes, they would. The EIC, Making Work Pay Credit and (to a lesser extent) the Child Tax Credit are "refundable" credits.