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