Find solution
How much should I expect on my Tax return?

How much of a tax return should i expect?

  • I'm a 26-year-old, single. This is the first time I'm attempting to file my own taxes using electronic tool (TaxACT). I have earned $53,400 and Federal Income Tax of $6,800. I have about $100 earned from dividends and interests. How much of a tax return should I expect from both federal and state? I just went through the TaxACT and told me I OWE $22 for Federal and $7 for state. Is this correct or am I missing something? I highly doubt I should be owing money to government. Even last year with my unemployment benefits and two state taxes, I got something back. What am I missing here? I'd really appreciate any help. Thanks! Thanks!

  • Answer:

    That looks right to me, and withholding is usually pretty accurate. Did you include schedule M for the $400 stimulus credit?

jiwonstr at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

No, the software may be right for a change! I just prepared someone's tax returns with very identical income, a single with no dependents and there was almost similar tax liability. It helps if you have a dependent or own a home, have educational expense (Lifetime Learning Credit), student loan interest deduction, a child going to college, day care expense, etc. etc., then you get much greater credits. Get married and file joint return, that will help reduce your tax liability. Good luck.

Federal estimate sounds just about right - owe a little. Since you don't say what state you're in or how much was withheld for that, no way anyone here can guess. The estimator is very likely right. What's missing is you didn't have enough taken out.

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.