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Does anyone understand taxes and dependents? Please some advice would be great!
I'm doing our taxes and when I put in our dependents it said you qualify for the highest deduction allowed PER child which is $3,700 BUT I'm about done and our return is no where near that. So if I have two kids that would be 7, 400, right? There is no way he "makes too much". I took off our kids to see how much we would get back and it was like $51...I don't know I don't understand taxes.
Does this make sense to anyone? Can anyone explain further?
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That's your deduction amount, not your refund. It's the amount of money the government allows you to deduct from your taxable wages.Found an answer to your question?
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I am not sure I am answering you correctly but
yes the deduction would be $7,400. for the two children but that is only one factor in your return.
All of them factored in together makes the final amoun. It might be worth it to have your taxes done for you if you are not comfortable that you have gotten it right.
I would actually set it aside for a day and then do a completely new one from scratch and see what happens.Found an answer to your question?
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You minus the deduction from your income, then pay taxes on the income that is left for exapmple,, YOU MADE 50.000 you subract 7,400, that leaves 42,600 and that is the amount the IRS taxes.. you don't get back the deduction, it just comesoff of your reported income.Found an answer to your question?
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The others are correct. This comes off of your taxable income. You can qualify for big deductions and not get a dime back. For example, if your tax obligation before deductions was $10,000, and you qualified for $7,400 in deductions, you would still be paying $2,600. If you paid more than that during the year, then you would get refunded whatever you paid in excess, but the deduction alone doesn't mean you're getting that back.Found an answer to your question?
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Thanks to all of you. I understand now! I really appreciate it.
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the deduction is off of your income, not your taxesFound an answer to your question?
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