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Asked 1/20/2012
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Im trying to figure out about how much i will get back on my tax return. I am single and head of household. I have two dependants, my children who are 2 and 5 years of age. I worked at wal-mart for about two months and earned 2802.33. The federal taxes that were withheld was 287.00. I also drew from my 401k and got 1299.79, the frederal taxes that was withheld was 259.95. I drew unemployement for about 8 months and earned 7785.00, no federal taxes were withheld. I also worked at foodlion for about two months and earned about 2200.00, the federal taxes that were withheld were 250.00. I would like to get an estimate of how much i may get back on my tax return. Can you help me? |
Answer 1/2 - Submitted 1/20/2012
Answer 2/2 - Submitted 1/21/2012
Child care and standard deduction don't even come into play, do they IMHO? The total income, with two dependents, is too low for those to matter.
Based solely on the earned income, retirement (subject to 10% penalty) and unemployment, and not pursuing whether there are others who might have a valid claim on the children, the tax calculator at hrblock.com suggests a refund of $2850 . Your actual refund will vary a little, I was rounding off and simplifying.
I'm not even sure I would bother with "Head of Household" if I was this taxpayer. It doesn't improve the refund at all.
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