 Question about tax deductions, Can you? |
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 I AM GOING TO BE A FATHER IN THE END OF NOVEMBER. I AM WONDERING IF I SHOULD CLAIM MY CHILD AS A DEPENDENT NOW? |
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dba | Will I get tax money back or owe? Made =$21474. Fed. Inc. Withheld =$1477. SS Tax=$1331. Medicare= $311.? |
I can't figure out how to claim myself as a dependent on turbo tax it asks for a name other than mine but i and only i support myself. Thanks |
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mark32541
 |
Filing single, you would:
Your deductions would be
$5,150 standard deduction
$3,300 individual extemption
Giving you a taxable income of $13,024
The tax on $13,024 is $1,576
So you will owe $99.00 |
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Rainman
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You don't claim yourself as a dependent. There is a standard deduction for your filing status (single, no dependents). Turbotax will take that into account. |
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Judy1
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If you're single, no dependents, not a dependent of anyone else, your taxable income will be $13,024, your tax will be $1576. You have $1477 withheld, plus you're probably eligible for $30 for the telephone excise tax rebate, so you'd owe $69.
You don't claim yourself as a dependent. As long as you aren't a dependent of someone else (and TT will ask that), TurboTax will automatically give you an exemption for yourself. |
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flowerpot41
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The software program will do that for you automatically. |
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levindis
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You can not claim yourself as a dependent. There is not enough information to determine your return. Generally if you claimed 1 on your taxes and with no wirte offs and providing your employer paid the correct rate any return/debt should be less than $500. |
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USC MissingLink
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Unfortunately, the tax code is insanely complicated, so this question cannot be answered without more information.
Plug the numbers into the 2006 Tax Estimator (linked below) to get some idea of what your liability is. |
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sugarBear
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That's because YOU CAN'T CLAIM YOURSELF AS A DEPENDANT. It's common sense you only support yourself by working, they already know that. Dependants are any one other than yourself & your spouse (if your married). Looking at your figures....it's hard to determine whether you will get money back. There's a lot to consider. Do you have a retirement fund? IRA? did you get a distribution? did you contribute? Did you donate any money or personal belongings to charity or Goodwill? You need to look into EVERYTHING you did with your money in 2006. If your not sure, then your best bet is to hire a professional like H&R Block. |
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baebeecakes
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Your income isn't too high. So, I doubt you will owe..Good luck with that.! |
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