How can you figure out how much money you will be getting back for taxes?
im trying to figure out how much money we will be getting back at tax season! I really dont understand because I figured around 1000. But, our friends figured out 8000 for themselves. my husband and my friends husband are military. same rank! They have two kids though. so, i know they will get a little more. show more im trying to figure out how much money we will be getting back at tax season!
I really dont understand because I figured around 1000.
Getting some refund back or owing some money for taxes depends on each individual's own unique tax situation. Do you have a kid? Do you have any income? Are you dependent on someone's
return? You need add these info, so then someone should be able to tell you something!
$40000-$6800(2 exemptions)-$10700 (standard deduction, but if you itemized deduction is higher you can better use whichever is greater, that should reduce your taxable income). Tax you will owe is about $2624. Any tax payments, withheld amounts and/or tax free combat zone payments will reduce your taxable income and/or liability.
People with kids under 17 years old are eligible for the child tax credit of $1000 per child. So that makes difference between you & your friends. The Child Tax Credit only zeroes down the tax liability, but can't recieve the excess amount, becuase it is a nonrefundable credit. I hope this helps.Source: au.answers.yahoo.com