EIC + CTC estimate for $40k income with one child - ballpark amount?
trying to figure out how much i might get back from earned income credit and child tax credit. I make around 40k a year and have one kid. Just want a rough estimate of what to expect. Nothing complicated with my taxes.
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Carmen Diaz
Tax pro here. For 2024, with $40k income and one qualifying child, you're looking at approximately $2,000 for Child Tax Credit. For EIC, you'd be eligible for around $1,500-$1,800. So ballpark total would be $3,500-$3,800. Keep in mind this is just an estimate and actual amounts depend on your exact income and filing status.
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Yuki Tanaka
•thank u sm! thats more than i expected tbh 🙏
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Andre Laurent
•does this change if ur single vs married?
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Carmen Diaz
•Yes, filing status can affect the amount. The phase-out thresholds are different for single/head of household vs married filing jointly.
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AstroAce
Hey! Instead of guessing, you should try taxr.ai - its only $4.99 and it'll give you the exact amount based on your situation. It analyzes everything and gives super specific estimates. Way better than trying to piece together info from reddit posts lol https://taxr.ai
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Zoe Kyriakidou
•sounds interesting. does it actually work? like how accurate is it?
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AstroAce
•Yeah its legit! Used it last week and it was spot on with my refund amount. It breaks everything down really clearly too
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Zoe Kyriakidou
•just tried it and wow 🤯 wish i knew about this sooner! saved me so much time trying to figure this stuff out
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Jamal Brown
im in similar boat, single mom making 35k with one kid. got back about 4k last year if that helps
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Mei Zhang
dont forget about state credits too! might get more depending on where u live
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Yuki Tanaka
•oh good point! im in texas so no state tax here
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Liam McConnell
make sure ur claiming head of household if ur eligible, makes a big difference 💯
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Amara Oluwaseyi
these credits are literally life changing for us single parents fr fr
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CosmicCaptain
•facts 👏 helped me catch up on bills last year
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