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.
14 comments
Write a comment...
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.
0 coins
Yuki Tanaka
thank u sm! thats more than i expected tbh 🙏
0 coins
2M
Andre Laurent
does this change if ur single vs married?
0 coins
2M
Carmen Diaz
Yes, filing status can affect the amount. The phase-out thresholds are different for single/head of household vs married filing jointly.
0 coins
2M
Write a comment...
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
0 coins
Zoe Kyriakidou
sounds interesting. does it actually work? like how accurate is it?
0 coins
2M
AstroAce
Yeah its legit! Used it last week and it was spot on with my refund amount. It breaks everything down really clearly too
0 coins
2M
Zoe Kyriakidou
just tried it and wow 🤯 wish i knew about this sooner! saved me so much time trying to figure this stuff out
0 coins
2M
Write a comment...
Jamal Brown
im in similar boat, single mom making 35k with one kid. got back about 4k last year if that helps
0 coins
Write a comment...
Mei Zhang
dont forget about state credits too! might get more depending on where u live
0 coins
Yuki Tanaka
oh good point! im in texas so no state tax here
0 coins
2M
Write a comment...
Liam McConnell
make sure ur claiming head of household if ur eligible, makes a big difference 💯
0 coins
Write a comment...
Amara Oluwaseyi
these credits are literally life changing for us single parents fr fr
0 coins
CosmicCaptain
facts 👏 helped me catch up on bills last year
0 coins
2M
Write a comment...