As this is my first year to file tax, can anybody help me to figure out how much will be the tax return? We are five members in house (I, wife is not working and 3 kids) and I am the only person to make money. I have annual income of $27000. How much gonna be the tax return?I am working,3 dependent kids and wife is simply housewife.Annual income is $27000. How much be the tax return
www.irs.gov will have all the forms and instructions you need. You need to prepare a 1040 form. Make sure you take both your standard deduction and your exemptions amount (5 x $3,400 = $17,000.)
It sounds like you may not owe any taxes for the Federal return. If you paid in, you will get a refund. If you did not pay in, you should still file as you probably will get a child tax credit and the rebate.
$27,000 less the $10,700 standard deduction is $16,300. Subtract the $17,000 exemptions amount and your taxable income is zero!
You will also need to file a state return. Your state probably has a state website most likely: statename.gov The Michigan website is Michigan.govI am working,3 dependent kids and wife is simply housewife.Annual income is $27000. How much be the tax return
You won't owe any tax, so will get back anything you had withheld for federal income tax. You should also get an earned income credit of $2687 and most likely something for an Additional Child Tax Credit.
Your refund depends on how much you PAID vs. what you should have paid.
Since you did not tell us how much you paid in taxes, we could not know how much you'd get back.
There are lots of other variables. Why don't you just spend thirty minutes and file your taxes? Then you will know for sure.
www.taxact.com
Way I figure it, you would probably get back whatever you paid in and then some, depending on other situations you might have going on. I think you would get some extra back from child credits. This is just a rough guess.....maybe 3k back?
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