How much will I get back at tax time?

Question

I am 22 and a single mom of one child. I still live at home with my parents and I work full time. I pay my mother to watch my son (with financial assistance from 4C's) while I am at work during the day. I don't receive child support from his father. Considering these factors what exactly will I get back in April? I make on average $550 every two weeks. So let's say I make about $1,100 a month. What other things do I need to consider? I know there is the 'child tax credit' which is I think around $1,000 per child. Anyone know?

Answer 1

How much you get back depends on how much you have withheld.  If you don't have enough withheld, you may end up owing taxes.  You only get back if you have too much withheld.  Since you don't say how much is withheld and whether you have other deductions you can claim, etc., there is no way anyone can give you an answer.

Answer 2

Assuming your gonna file head of household, you should get a nice refund. Unfortunately, you won't qualify for earned income credit because you are too young by the tax code. As far as how much you will get back, it is impossible to calculate based on the info given.

Answer 3

You only get the $1000 for the child tax credit if you have that much tax liability - you won't.  Your tax will more likely be around $185, so the child tax credit would wipe that out but you wouldn't get anything for the extra, although you'd probably get an earned income credit of close to $3000 (the age limit for getting EIC only applies if you don't have a dependent child), plus getting anything refunded that was withheld for federal income tax.  You won't get any benefit from a child care credit since you don't owe any tax anyway, and can't file as head of household since you are living with your parents.

This assumes that you claim your child as a dependent.  If you don't, your parents can claim him.  In that case, you'd probably still get some of your withholding refunded assuming that you filled out your W-4 as single/0 or single/1.

Answer 4

You don't give enough information to provide an accurate answer.  We need to know how much you expect to make in the year, how much are your planned deductions, how much you plan on having withheld for the year, etc.