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    nicole9681's Avatar
    nicole9681 Posts: 1, Reputation: 1
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    #1

    Nov 26, 2007, 09:29 AM
    What do I use ti calculate my return
    How do I and what do I use to calculate how much I will be getting back from claimimg my son? It is only an individual tax return. So I was wondering how I would have to calculate what I would be getting back off just him? Not all together. I know What I will be getting back from what I have put in. I will be getting taxes back, not owing. So, how do they calculate and know what to do to figure it out:rolleyes: ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 27, 2007, 07:09 PM
    Depends on your marginal tax rate.

    That the tax rate you pay on the last dollar you earn in the year.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Nov 28, 2007, 05:41 AM
    You may be eligible for Head of Household status (if you are Single), which means deduction increases by $2,500. You get a exemption for your child, which means deduction increases by $3,400. So your taxable income decreases by $5,900.
    Then your EIC will increase. Then you can get Child Tax Credit or Additional Child Tax Credit.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Nov 29, 2007, 10:16 AM
    MukatA makes some good points.
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