Sunday, August 22, 2010

Single mother, one child age four, estimated $2854.00 back sound right?

I am a 26 year old single female with a 4 year old child. I did a tax calculator, I put Head of Household, and claimed 1 dependant. I did not have any federal tax held out of paychecks and only made 12,000 in wages. I put daycare expense, 401K, and state taxes on deductions. It says I will get back $2854.00. I have not idea if this sounds right. It seems like single mothers usually get more than that.??? Can someone let me know if this sounds correct.

Single mother, one child age four, estimated $2854.00 back sound right?
Without more information it is hard to say if that amount is correct. The IRS, in conjunction with AARP, offers a free tax service called VITA for seniors and folks with low incomes. The service is free and you don't have to be a member to take advantage of the service. Check the AARP web-site or www.irs.gov to find a site near you.
Reply:With $12,000 and 1 child, your EIC should be $1266. With no Fereral withholding, you would need an additaional $1588 in refundable credits to receive a $2854 'refund'. Something sound wrong to me.
Reply:Nope. You're a little off





I have built a superquick tax calculator.





It's more like $2892. You forgot your Federal Telephone Tax Refund. It's $40 for you!





EIC = 2747 Additional Child Tax Credit = 105 Tel Tax = 40
Reply:I honestly don't know much about taxes, but I have a child as well. It seems like every single year, we get an estimate... we estimate ourselves (we file independently) and then we get an estimate from H%26amp;R and when we finally DO get our taxes back, it's always much less than both estimates. So all I want to say is: don't depend on any estimate you get. Just wait until the check is in your hands before you start spending it in your head. To be completely honest, $2,854 sounds much too high if you made $12,000 in wages, but I could be wrong.





Sorry I'm not much help with the question, I just want you to have a heads-up.


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