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| *Loan,banking and credit>>>child tax |
I made 16600 last year with 2 qualifying children what will my tax refund be? |
I made 16600 last year with 2 qualifying children what will my tax refund be? Nobody can answer that question without knowing how much you paid in for taxes during the year. With that low of an income and with two kids, you will probably get all the federal tax money back that you paid in. You should get back almost all income tax that was withheld. You'll probably be elibible for the EITC as well. That could be a significant amount of money for you. It is hard to say what it will be. Are you claiming the children alone. Is there a spouce that can claim them. Are they living with you? Has the spouse (if still alive) contributed to the finances of the children? You did not make too much so, if the spouse is not involved and no other support for them. You should get most of what you paid in back. Are you single, head of household, or married filing jointly? Your refund will vary a bit depending on your filing status. In any case you will owe very little or no tax, and any tax you owe will be credited. If the children qualify you for Earned Income Credit, it will be $4,164, and your potential Child Tax Credit/Additional Child tax credit will be about $750. So, potentially a refund close to $5,000, plus any withholding. This is such a vague question. It all depends: Do you claim the children? Do you itemize deductions? How do you file...Single, Married filing a separate return, Joint, Head of Household, etc. Are you eligible for the Earned Income Credit? There are many factors that are accounted for in order to determine your refund amount. The ones I listed are few and far between. There's many more factors. I believe it would be almost impossible for somebody to accurately guesstimate this answer. Your local library will usually have a free tax service. They will figure and file your taxes for free. Good Luck. |
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