[texshorty81]

Hello. I am sure this has been answered before, but someone told me that I would receive part of my military bonus back this year in Taxes. My bonus was 17,000 and my wages to date are 35,236. They included my bonus as wages and my federal taxes to date are 6206. Will I receive it back cause I am a single parent? I claim 0 dependants as well.

Also, I gave birth to my daughter in August 2006. When will I receive the child tax break. Any help would be great. Thank you!

[AtlantaTaxExpert]

TaxShorty81:

I did a strawman tax return for you based on an annual wage of $35,236 and a federal income tax withholding of $6,206.

I assumed you qualify for Head of Household. Your federal tax refund is $4,582.

Your tax liability is $2,624. But you got a $1,000 child tax credit, and had $6,206 withheld; hence, the refund of $4,582.

I recommend you increase your withholding exemption from ZERO to at least TWO. Any refund is NOT a good idea, because you are giving the U.S. government the use of your money interest-free for the entire year. Increasing your exemption to TWO should cut the refund about in half.

If you need professional help, contact me at [email protected]. You will find my rates most competitive.

[texshorty81]

Thank you very much for the reply. I do not know anything about taxes, and being new to filing for someone other than myself can get confusing. It is very kind of you to help people on here. Thank you again!

[AtlantaTaxExpert]

Glad to help!