Will I owe Federal Taxes if no taxes were taken out of my checks?
No fed. taxes were taken out of my checks this year. By the end of the year I will have made around 7 thousand dollars. I get $400. per month child support. Also, I have one child and I have paid about $2,600 interest for my house payments. How is earn income figured? Is there a chart somewhere? Can anyone help me get an idea of what I might owe or get back this year. Please add any links you have that will help me figure this out. What else can I use for deductions?? Thank you.4 years ago - 4 answers
With only $7k in income you won't have any Federal income tax liability at all. With $7k in earned income and one child you'll probably pick up around $2,400 in refunds from the Earned Income Credit.
Contrary to what another respondent states, your income is not less than the Standard Deduction. The SD is $5,700 but once you add your personal exemption and the exemption for your child ($3,650 each for a total $7,300 for 2009) you are well below the point at which you'd have any Federal income tax liability.
You probably don't owe tax. The standard deduction is more than your income.by Common Sense - 4 years ago
your personal exemptions are $3650 each, that would be 2, one for you and one for the child, $7300
your mortgage interest does not exceed the standard deduction, unless you have a lot more to itemized, therefore your standard is $8350
now you stand at a total of $15,650 that is not taxable
your $7000 does not make a dent
you can't use the child credit since it is used to wipe out tax liability
you might be entitled to EIC and possibly the 'additional child credit'
Child support does not affect taxes. Ever. Even if a judge rules that what a person can claim on taxes is affected by child support, that part of the judge's ruling is invalid.
If you only make "around" $7000 per year and no one else can claim you as a dependent, then your federal income is $0.
Your "earned" income is simply the amount that you make at work. Neither the child support nor the house payments affect this. If you itemize, which there is no reason for you to do, then the house payments would affect taxable income, but not earned income. If you do not itemize (which, again, is unnecessary), then they affect neither earned income nor taxable income.