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| *Ostroff, Fair and Company>>>United States Taxes |
Tax refund for a 1040? |
I made about 23000. before taxes and my husband made about 20,000 before taxes. We paid in about 4500.00 to the federal government over the year through our paychecks. Turbo tax says that we will only get 1000 back. Is that how much it should be? I thought we should get close to all of it back. You show an AGI of $43,000. Assuming 'Married filing Jointly' and no dependents, your standard deduction is $10,300 and you have 2 exemptions or $3,300 each. That leave a taxable income of $26,100. That make your tax liability $3,164. With $4,500 withheld, your refund comes to $1,336. Given all your numbers are estimates, that's close enough the the $1,000 TurboTax came up with. Source(s): http://www.irs.gov/pub/irs-pdf/i1040.pdf... If you used Turbo Tax, then it is most likely correct. If you want more back, you can always put some money in a retirement account. Based on what you make you may or may not have the $4000 max allowable per person that you can put into an IRA. This will increase your refund. You will need to deposit the amount in an IRA before April 17th There's no way you'll get "close to all of it back" with your income! No clue where you got that idea! TT is about right. A "cocktail napkin" guesstimate shows your tax liability at around $3,200 or so. What made you think that you would get it all back? Unless you have a bunch of kids, getting $1000 back sounds about right. |
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