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Income Tax Question

This is the first year we will really get a refund, and I was just wondering if anyone knew what to expect. Last year, my SO started his job in November, so he claimed an income of $2800- claiming himself and our daughter, he got back $800.
This year he made $24k, but net income was only about $17000. We now have a son to claim, but at work he claims single, so they take out a large portion of his check, about what should we expect to get back?

Answer Question
 
Anonymous

Asked by Anonymous at 4:55 PM on Nov. 19, 2008 in Politics & Current Events

Answers (15)
  • I think it depends... My DH and I are married and we have 3 kids.. he makes about 20k a year and we get back about $8000 a year! yay... I can't wait! But we get the earned income credit...
    Anonymous

    Answer by Anonymous at 5:06 PM on Nov. 19, 2008

  • They take out more the less dependents that are claimed.
    His choosing to claim only one is a really intelligent one. He should get back about 60% of everything that he paid in...plus the children's tax credit.
    Jill42721

    Answer by Jill42721 at 5:07 PM on Nov. 19, 2008

  • I don't know if any one will be able to help answer that question with out actually doing your tax return. You need to know if you have deduction, children, interest from a house payment, etc. Although I don't understand much about the whole filing taxes we have an accountant who does ours every year. We have got back different amounts every year.

    slick05

    Answer by slick05 at 5:08 PM on Nov. 19, 2008

  • Depends on your deductions/does any of your pay got an IRA, investments, etc...
    1040ez
    http://www.bankrate.com/bos/itax/news/taxguide/1040EZ_tax_form_calculator.asp?caret=11b
    1040
    http://www.bankrate.com/brm/calculators/tax/1040_tax_calculator.asp

    These are based on 2007, I don't think an updated 2008 one will come out for a few months, but not sure...
    grlygrlz2

    Answer by grlygrlz2 at 5:09 PM on Nov. 19, 2008

  • BTW, Bankrate is a GREAT website and wealth of financial knowledge :o) Defenitely one to bookmark
    grlygrlz2

    Answer by grlygrlz2 at 5:11 PM on Nov. 19, 2008

  • according to the calculator, we'll get back $6k--- but he doesnt even pay in that much.. how would we get that back?
    Anonymous

    Answer by Anonymous at 5:23 PM on Nov. 19, 2008

  • It depends on many, many factors. None of it is cut and dried - try to remember we're talking about the government here. When is any of it cut and dried. You may just have to wait to find out until you do your taxes.

    FILE EARLY! In January if you can. You get you check so much faster.
    Madge1428

    Answer by Madge1428 at 5:26 PM on Nov. 19, 2008

  • There is the EIC and child tax credits he may be eligible for that are adding to his approximated refund. Also if he paid interest to student loans and a lot of other factors will be calculated that are not necessarily known to you by looking at a W-2.
    Mom1Stepmom1

    Answer by Mom1Stepmom1 at 5:27 PM on Nov. 19, 2008

  • ^refundable credits, such as child tax credit, EIC, add'l child tax credit...some tax credits are not refundable, as in if you hit 0 you don't get more back, but with refundable credits you get back more, even more than you paid in. That's how people that have low incomes but have kids get a nice fat $4000 check from the IRS without owing any sort of tax.
    prettyrayray

    Answer by prettyrayray at 5:27 PM on Nov. 19, 2008

  • At 24k a yr he will get all of his taxes he paid in back and you will qualify for earned income. My dd and her fiance filed about the same last year and got $2700
    gemgem

    Answer by gemgem at 6:02 PM on Nov. 19, 2008

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