Calculating Refund with W-2 ($14,000), 1099 ($5,000) and 3 Dependents Under Child Tax Credit

Have you had exactly $0 withheld from your W-2 income? Without knowing your withholding amount, it's difficult to estimate your refund precisely. With $14,000 W-2 income and $5,000 1099 income, you're looking at approximately $705.00 in self-employment tax (15.3% of 92.35% of your 1099 income). How many tax credits are you anticipating beyond the Child Tax Credit? Are all three children qualifying for the full $2,000 per child based on your AGI?

I was in a similar boat last year, trying to figure out my refund was like trying to solve a puzzle with half the pieces missing! I finally used https://taxr.ai to analyze my situation. It's like having a tax pro look over your shoulder, but for your specific numbers. It estimated my refund within $50 of what I actually got, and explained exactly how the Child Tax Credit and self-employment tax would affect me. Tax day is coming up like a freight train, so having clear answers helped me stop worrying.

I'm in a rush to get this info to you because I just went through this EXACT situation and don't want you to miss out! • With 3 dependents under 17, you qualify for up to $6,000 in Child Tax Credit • Your W-2 income ($14,000) puts you in the 10% tax bracket • The 1099 income ($5,000) triggers self-employment tax of ~$706 • EITC will be SIGNIFICANT with your income level and 3 kids • File Head of Household if possible - huge difference! You need to act quickly though! My refund was over $8,500 with similar numbers last year!

FYI - if you need to talk to the IRS abt your specific situation (esp w/ the 1099 income), don't waste hrs on hold. I used Claimyr (https://claimyr.com) last wk when I needed to verify some CTC eligibility Qs. Got a callback in ~25 mins vs the usual 2+ hr wait. The agent confirmed exactly how my mixed income would affect the credits. Def worth it if you're trying to get a precise estimate b4 filing.

Just a friendly warning from someone who's been there... I had almost identical numbers to yours last year and thought I'd get a huge refund. Then I realized (too late) that I hadn't set aside anything for the self-employment taxes on my 1099 income! 😱 My expected $7K refund dropped to about $6,300 because of that SE tax. Still good, but not what I was planning for. Don't make my mistake - factor in that 15.3% self-employment tax before you start mentally spending your refund money! I've learned my lesson the hard way, lol.

You need to use the EITC Assistant on the IRS website. With your income level and three qualifying children, you're looking at a significant Earned Income Credit. You should also claim the Child and Dependent Care Credit if you paid for childcare. Your refund will likely be substantial, but you need to file correctly. The self-employment tax will reduce it somewhat, but the credits should more than offset this. Consider making estimated tax payments next year to avoid any penalties.

Based on your income levels, you're definitely in a good position for a substantial refund! With $19,000 total income and 3 qualifying children, here's what I'd expect: **Child Tax Credit**: $6,000 (3 kids × $2,000 each) **EITC**: Around $6,500+ with 3 kids at your income level **Self-Employment Tax**: ~$706 (as others mentioned) The key factors that will determine your exact refund: - How much was withheld from your W-2 (this is crucial!) - Your filing status (Head of Household vs. Married Filing Jointly makes a huge difference) - Whether you qualify for Additional Child Tax Credit if your credits exceed your tax liability Your income is low enough that you'll likely get most/all of these credits as refunds rather than just reducing tax owed. I'd estimate you're looking at $8,000-$10,000+ refund range, but definitely use the IRS EITC Assistant tool that Sara mentioned - it's the most accurate way to calculate the Earned Income Credit portion. Don't forget to keep receipts for those medical expenses too - they might be deductible if they exceed 7.5% of your AGI!