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Additional Details
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Miss Kelly | Tax Question: Single Mother, two children, home owner, and earns approximately $54K.? |
All of the years I have filed taxes. I have basically received all of my money back. I saw on my paystub that the Federal Government has taken out about $7,900 in taxes and the state (RI) took out about $1,900. What are the chances of me getting all of my money back yet again?? I only ask because the refund would help me rid of 98% of all of my credit card debt... but I don't know if I am jumping the gun. |
 |
 
Ali M
 |
the following calculation is under the following assumptions;
You have no other income
You have no adjustment to your income
You are not Itemizing
Your 2 children are under 17
AGI = $54,000
SD = $08,000
PE = $10,500
Taxable Income = $35,500
Tax Liability = $4,769
Child Tax Credit = $2,000
Net Tax Liability = $2,769
Fed Tax Withheld= $7,900
Estimated Refund Amount = $5,131 <<<<--------
AGI= Adjusted Gross Income
SD= Standard Deduction
PE= Personal Exemption
Good Luck! |
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taxrep4u
|
If you have over paid again this year, you might want to go to www.irs.gov and type in withholding calculator to see if you can increase the amount of exemptions you claim on your W4. If so, just file a new one with your employer for 2009 and less tax will come out each pay check. |
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acmeraven
 |
Go to IRS.GOV and run through their tax calculator whatchamacallit thingie; it will tell you pretty close what your 08 return will look like. |
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Judy1
|
Hard to tell, without knowing what your deductions are. Your taxable income if you took a standard deduction would be $35,500. If both kids are under age 17, that would leave you with federal income tax of $2756. This would be further reduced if you itemize, and/or have a child care credit or any other credits or adjustments. It's pretty unlikely that you'd get EVERYTHING back that was withheld for federal income tax. But even without any additional reductions, you'd get back well over $5000. You might want to consider changing your W-4 so you get your money through the year rather than loaning it interest-free all year to the government. |
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chatsplas
|
NOT enough info. Well has anything changed? Is your annual income and your withholding the same as prior years? If your income didn't bump you up into the next tax bracket, probably OK.
Depends whether you get Child Tax Credit, if your kids are your exemptions, if kids under 17, and your itemized deductions in addition to real estate taxes and mortgage interest.
use online tax calculators such as at www.irs.gov |
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travelguruette
|
To itemize how much mortgage interest and re taxes paid this year? |
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xtraheavy01
|
I don't think we have enough information
You need to tell me :
How old are your children?
What you take in $ for itemized deductions?
example
HOH 2 children
$54,000
($12,000) itemized
($10,500) exemption
$31,500 taxable
$ 4,153 Tax
($ 2,000) Child tax credit
$ 2,153
($7,900) federal withholdings
($5,747) Refund
For every hundred dollars more in itemized deductions you
get over $12,000, you save 15 %
I assume your children qualify for child tax credit
|
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rtfm
|
Grab yourself a 1040 form and a Schedule A, plug in your numbers, and see how they come out.
Or look at last year's forms and compare your numbers to this years, and see if they're very similar.
Or log on to one of the online tax services and plug your numbers in there. You don't actually have to file with them, and most of them will let you fill out the forms for free, as long as you're not trying to print or efile them. |
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Chris O
|
H&R Block and Turbo Tax websites have 2008 estimation calculators u could use. H&R Block even added a calculation that includes the stimilus payment we received and if we are entitled to more or not. |
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