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.
- JudyLv 79 years agoFavorite 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.
- htm182111Lv 69 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 = $2,156Source(s): http://www.irs.gov/pub/irs-pdf/f1040es.pdf
- troLv 79 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
- SlickterpLv 79 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....