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-   -   Roughly how much will I back in my taxes? (https://www.askmehelpdesk.com/showthread.php?t=287543)

  • Dec 2, 2008, 02:16 PM
    carabna12
    Roughly how much will I back in my taxes?
    Hi~

    Well I am married and for the first time will be claim my daughter who is now 11 mo old. My wife worked temp for 6 mo 8 hours a week making 10.61/hr. I work fulltime 40 hours a week making 13.10 hr. We live in the state of NY I will be claiming head of household.

    Hope this is enough info let me know if you need more!

    Nate
  • Dec 2, 2008, 02:25 PM
    Fr_Chuck

    Is there a reason you are not

    Do you own a house, do you have education deductions, do you have businesss expenees, and about another 100 questions that you will have to answer to know exactly.

    Have you been having the proper tax withheld each week from the checks?
  • Dec 2, 2008, 02:39 PM
    carabna12

    Ok well I don't own a house I didn't go to school and I don't have any business expenses. I have been withholding at a single rate from my biweekly check.
  • Dec 3, 2008, 10:10 AM
    AtlantaTaxExpert
    Carbna12:

    First, you will NOT be claiming HoH; that is available only if you are unmarried and are supporting a "qualifying person".

    More than likely, you will file Married Filing Jointly, because your combined income (about $29,730) is low enough to qualify for the Earned Income Credit (EIC) with one child.

    You will have a joint standard deduction of $10,900, plus THREE personal exemption of $3,500 each (for a total of $10,500), so the first $21,400 of your income is tax-exempt.

    That leaves $8,330. At 10%, the tax is $833, but that will be completely offset by the $1,000 Child Tax Credit.

    BOTTOM LINE: You will get ALL of your federal tax withholdings back PLUS the EIC, which will likely be in the $1,500 range.

    File as soon as you can, because your refund check will likely exceed $3,000. However, be careful! Your local tax preparer will try to get you to get a refund anticipation loan (RAL) to get the money "the next day".

    A RAL is a complete rip-off!! You will pay fees ranging from $100 to $500 to get your money the "next day", whereas if you just efile, you get the full refund in, at most, two weeks for the cost of an efile fee, which should be no more than $50.

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