Married, 5 kids, 60k gross, 0 tax liability due to mortgage, taxes, child tax credit etc.
How much will my federal tax refund be if I had $0 taxes in 2007?
$300 of you, $300 for wife, $300 per child who is under 17.
However, the $0 tax liability is NOT after the child tax credit, but before. So if you paid $1200 in tax BEFORE that credit, bump this to $600 for you and $600 for your wife.
5) Married couple with two children, AGI is $35,000, federal income tax liability before child tax credit is $1,070.
Rebate is $1,070
Qualifying child credit is $600
TOTAL is $1,670
6) Married couple with two children, AGI is $80,000, federal income tax liability before child tax credit exceeds $1,200.
Rebate is $1,200
Qualifying child credit is $600
TOTAL is $1,800
How much will my federal tax refund be if I had $0 taxes in 2007?
The refund will be whatever was withheld from your wages for income tax.
How much will my federal tax refund be if I had $0 taxes in 2007?
If you are talking about a refund on your tax return it would be the amount of money you paid in federal taxes plus any refundable credits you qualifed for minus any self employment tax you owe if applicable.
If you are talking about the rebate:
300 for you
300 for spouse
300 for each of the children that was claimed as a dependent on your 2007 return that was under the age of 17
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