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-   -   How much federal tax will I get back if my earnings were 25,486.23? (https://www.askmehelpdesk.com/showthread.php?t=529333)

  • Nov 26, 2010, 08:40 PM
    ellarae10
    How much federal tax will I get back if my earnings were 25,486.23?
  • Nov 26, 2010, 09:20 PM
    cdad

    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.
  • Nov 28, 2010, 02:27 PM
    deedee7510
    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.
  • Nov 28, 2010, 04:01 PM
    ScottGem

    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.
  • Nov 29, 2010, 02:22 PM
    AtlantaTaxExpert
    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.
  • Nov 29, 2010, 04:04 PM
    ScottGem
    Quote:

    Originally Posted by AtlantaTaxExpert View Post
    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"?
  • Nov 29, 2010, 04:18 PM
    cdad
    Quote:

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

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