How much federal tax will i get back

how much federal tax will i get back

Answers

Best Answer: No, the answer that you will owe $430 is extremely unlikely.

First of all you need to know if your parents are going to claim you in their tax return or not. IF they are, you are in trouble. Now, if you stay with your parents, they are the one who pay for the rent, food, school expenses. The parents in this case will claim you, thus you will lose your credit which eventually will go to your parents.

Therefore, you need to find out if your parents are going to claim you or not.

Second thing in your information, Do you meant that you paid Federal tax $2,000 or you meant the total of deducted tax's was (fed, soc, med and state total $2,000).

If this is true, then your Fed tax was $1235, Soc $765, Medicare tax was $145 total is =$2,000

If

your parents did not claim you, your tax refund will be $1,569 (which means that your taxable after ll deduction income will be 650, your Fed tax on this amount will be 10% ($66)

Based on your age and status, the IRS will give you a credit of $400 to be added with your Fed withheld of $1235 which bring your credit with gov in to $1635. then IRS will deduct the $66 which bring your refund to NET of $1569

If your parents do claim you the situation will change like this:

Still you will get refund of $802

Still if you provide better information like the one listed in your last stub check which shows up to date deduction (Fed, Fica Social and Medicare etc. ) I will give you accurate information. Send me email if you need accurate information where I will be glad to assist you.

Source: answers.yahoo.com

Category: Taxes

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