How much will I get back in taxes claiming my son?

I'm 24, single, make about 33,000/yr, not head of household and I'm claiming my 1 year old son this year. I'm hoping one of you can answer my question. Majority of the people I've asked have told me that I will get 1500 for my son, plus all the federal tax withheld (roughly around $3300) that was taken out of my paycheck for the whole year. So I would get about $5000 back. But when i enter the estimates into the tax calculator for sites like hrblock and turbotax, it says i'll get back about $2500. So if anybody knows how claiming a dependent works, please answer my question because i'm confused on how this whole process works.

4 Answers

Relevance
  • Judy
    Lv 7
    9 years ago
    Favorite Answer

    The majority of people you're talking to are apparently clueless. Making $33K you'd get around $401 EIC. Your tax will be around 1570 after the child tax credit, so you will have overpaid by around 1730 which you'll also get back. That's more like $2131, not 4800. Might be a little higher than 2131, but nowhere near 4800.

  • 9 years ago

    Based on your information, here are the explanation step by step:

    If you are single with 1 dependent, F/W = 3,300 ( your info )

    Your 1040-2011 tax return as follows:

    33,000 - (5,800 + 7,400) = 19,800, this is your taxable income

    Tax liability ( formula from page 6, schedule X of form 1040ES)

    $850 + 15%(19,800- 8,500) = $2,545

    You'll get child tax credit = 1,000, reduced Tax liability to $1,545

    You also get EIC about : $401

    Your refund = F/W + EIC - Tax liability = $3,300 + $401 - $1,545 = $2,156

  • tro
    Lv 7
    9 years ago

    you don't actually get any money for your child

    you are allowed an exemption(same as yours) of $3700, this is NOT a refund, it reduces your taxable income

    a child in the household under 17 is a child tax credit of $500, to apply to your income tax liability, also NOT a refund, it reduces your income tax you owe

    in your case you are eligible for EIC which is based on your SS taxable wages, having a child in the home allows for a larger refund of this credit, but not specifically a refund for your child

  • 9 years ago

    It's not kid = cash. a dependent lowers your taxable income, and thus your tax liability.

    If you claim your son, you can file head of household....

Still have questions? Get your answers by asking now.