Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just helped a young single mother input her tax information into an online IRS approved tax program (Tax Act).
She earned approx 10k with a withholding of about 800 dollars. The program is saying she will get a refund of over 5k. Is this even possible? If she takes the child off it shows her just getting back the 800 that was withheld.
Just helped a young single mother input her tax information into an online IRS approved tax program (Tax Act).
She earned approx 10k with a withholding of about 800 dollars. The program is saying she will get a refund of over 5k. Is this even possible? If she takes the child off it shows her just getting back the 800 that was withheld.
Yes, this is possible due to Earned Income Credit (max. $3250 with 1 child) and the Child Tax Credit (max $1000).
Yes its possible and if she is having trouble meeting her living expenses on the $10,000 she can adjust her W-4 and get that money each month instead of waiting for the refund each year.
Yes its possible and if she is having trouble meeting her living expenses on the $10,000 she can adjust her W-4 and get that money each month instead of waiting for the refund each year.
True, but remember this would only net an additional $800, based on last year's witholding. The balance of the refund is tax credits, which you don't get until you file your taxes.
Yes its possible and if she is having trouble meeting her living expenses on the $10,000 she can adjust her W-4 and get that money each month instead of waiting for the refund each year.
FICA is most of the withholding, so that won't do anything much in that specific case. They're basically taking out <$100 for income taxes, if that. Probably none.
They're basically taking out <$100 for income taxes, if that. Probably none.
She had $800 in federal income tax witheld.
Quote:
Originally Posted by jazzy jeff
Just helped a young single mother input her tax information into an online IRS approved tax program (Tax Act).
She earned approx 10k with a withholding of about 800 dollars. The program is saying she will get a refund of over 5k. Is this even possible? If she takes the child off it shows her just getting back the 800 that was withheld.
Maybe she should use a tax preparer that knows how the tax system works
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
