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swanlbby | I made about $12,000.00 last year.I did not have any federal taxes taken out.Will I owe any taxes? |
I am a single mom so I know I qualify for the EIC.I just dont know if I will owe anything since I made over 10,000.00 |
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Steve
|
You will not owe any taxes. In fact you are probably going to get a refund because you qualify for earned income credit. |
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tma
 |
no. assuming you file as head of household you should not have any taxable income. |
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Take Responsibility
|
Your income taxes will probably be minimal, but you may also owe self-employment taxes. Did you earn the $12,000 as an employee, or were you paid as an independent contractor?
You may also find yourself in the situation where you have credits that may be partially refundable--you might even end up with a refund! Be sure to check out the Earned Income Credit and the Child Tax Credit/Additional Child Tax Credit. Look at schedule EIC and form 8812.
But, to get your final answer, you are going to have to run through the forms and instructions. |
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mister
 |
Every state is different but I would say yes. |
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Judy1
|
If you file as head of household, that implies you have at least one dependent, so you'd end up not owing any federal income taxes, and would probably get something back from the Earned Income Credit.
Depending on where you live, you might owe something to the state or municipality. |
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JackN
 |
The first thing you want to do is get ahold of the Instructions book for Form 1040 (the long form) for Individual U.S. Income Tax Return.
Once you have the instruction book and a Form 1040 (both are free downloads that use Adobe Acrobat Reader), print them out, especially the pages that pertain to your situation.
The first thing to figure out is whether or not you qualify to file as Head Of Household. The highest "Standard Deduction" (should you decide not to itemize your deductions) is for Head Of Household filing status. Even with a filing status of "Single," the personal exemption for "Yourself" of 3,300 plus the standard "Single" deduction of 5,150, removes 8,450 of your income from being taxable. One or more personal exemptions for "Dependent" at 3,300 each, could likely erase the rest of your AGI from any tax liability; so all you'll have left is any "refundable" credit(s) - CAREFUL -- some are refundable, and some are not, meaning that they only reduce your taxable income, but if your taxable income is zero, you do not receive the excess credit. Refundable tax credits, you'll need to file an income tax return, in order to get the check from the IRS.
The next thing to figure out is how many "qualifying dependents" you have for Line 6. This often is, but is not necessarily, equal to the number of "qualifying children" you have as pertains to the Earned Income Credit worksheets.
Working through the E.I.C. worksheets, which start at page 46 of the Instructions book, is also a key step you should do.
The real solution is to work through the entire scenario step-by-step, with your earnings/income accurately documented, the long Form 1040, Child And Dependent Care Expenses form (if applicable), Education Tax Credit worksheet (if applicable), E.I.C. worksheets, and any other calculations that can potentially help you. |
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John B
 |
Don't worry about it. The people at the IRS are hopelessly confused. |
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Jane
 |
I you qualify for the EIC you most likely won't. In addition you will also have your personal exemptions, the child credit and maybe even daycare, or if you're in, school educational credits. |
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