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.