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pam-donley05-gma
Returning Member

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

 
10 Replies
DoninGA
Level 15

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

Use this TurboTax calculator to estimate taxes owed or a tax refund - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Carl
Level 15

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

Earnings and dependents has very little to do with owing taxes. If you did not have enough withheld from each of your paychecks during year, then you will owe. Period. If you had to much withheld then you will get the excess refunded to you.

 

xmasbaby0
Level 15

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

You have not told us if the money you earned was as a W-2 employee with tax withheld by your employer or if you were an independent contractor with no tax, Social Security or Medicare withheld.   And we do not know who your dependents are--are they children under the age of 17 or older?

 

Try the taxcaster tool:

 

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
pam-donley05-gma
Returning Member

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

I’m a W-2 Employee & dependents are under 17. 

xmasbaby0
Level 15

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

AGAIN----try the taxcaster tool that has been given to you twice.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Carl
Level 15

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

Use the TaxCaster tool Xmasbaby0 referenced in their reply. In the time it takes you to respond to this thread, you can use the tool and have a pretty good idea if you'll owe more tax or not.

 

pam-donley05-gma
Returning Member

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

I’m sorry did I do  or say something wrong? I have used the link & appreciate it being shared. 

pam-donley05-gma
Returning Member

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

You’d asked for more specific information regarding my question and I was only attempting to clarify. I have not done this before.

pam-donley05-gma
Returning Member

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

I was under the impression there is a tax credit for each dependent child & if it is equal to or more than the estimator amount you do not pay in and may even receive a refund. Is that correct?

xmasbaby0
Level 15

Will I owe taxes if I am filing as head of household with 3 dependents and made just over 40,000? If so how much?

@pam-donley05-gma

 

 I think you are asking about the child tax credit--or maybe earned income credit, or both.  There are several child-related credits you can receive when you work and have children who you claim as qualified child dependents.

 

Here is some information that might help you:

 

There are several child-related credits you *may* get if you have a dependent child and if you have income earned from working.The amount earned by working has a major effect on how much you receive for the child-related credits.

You might be getting the Child Tax Credit--that is not all a refund--it lowers the tax you owe, up to $2000 per child, but if you do not owe tax then you may not get the full amount of CTC.  In some cases, you could qualify for the "Additional Child Tax Credit" which is a refundable credit, and would increase your refund.  If you qualify for this credit, TurboTax calculates and automatically adds it to your refund.

You might be able to claim the child and dependent care credit if you paid someone to take care of your child so you could work. This is not a refundable credit, so it will not be in your refund.  It can lower the tax you owe.

You might qualify for Earned Income Credit, which is a refundable credit if you worked and earned income. The EIC is based on the amount you earned.  If you do qualify for EIC, TurboTax automatically calculates the amount and adds it to your refund.

 

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...

https://ttlc.intuit.com/questions/1900643-what-is-the-child-and-dependent-care-credit

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-e...

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

https://ttlc.intuit.com/questions/4499708-what-is-the-500-credit-for-other-dependents-family-tax-cre...

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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