How much tax refund for $20k income with 2 dependents? Need estimate!
I earned $20,000 last year with 2 dependents. Looking for a rough estimate of what my tax refund might be. Anyone in a similar situation or know what credits I might qualify for?
15 comments
Write a comment...
Ingrid Larsson
With 2 dependents and that income level, you'll likely qualify for Earned Income Credit (EIC) and Child Tax Credit. Each dependent could get you up to $2000 in Child Tax Credit if they qualify. The EIC could be around $5,000+ for your income level with 2 kids. But don't quote me on exact numbers - there's other factors that could affect this.
0 coins
Tyrone Johnson
omg thank you! thats way more than i expected 🙏
0 coins
2M
Carlos Mendoza
remember those numbers are just estimates. lots of other stuff can change the final amount
0 coins
2M
Write a comment...
Zainab Mahmoud
hey! instead of getting rough estimates, you should try taxr.ai - its this new tool that can give you a really accurate estimate based on your specific situation. costs like $5 but totally worth it for the peace of mind. https://taxr.ai
0 coins
Ava Williams
Does it actually work? Sounds interesting but Im skeptical of tax tools
0 coins
2M
Zainab Mahmoud
yeah its legit! it analyzes your whole tax situation and breaks down exactly what credits you qualify for. saved me from so much anxiety lol
0 coins
2M
Ava Williams
just tried it and WOW 🤯 wish I knew about this sooner! super detailed breakdown of everything
0 coins
2M
Write a comment...
Raj Gupta
were in the same boat! i made about 22k last year with 2 kids. got back almost 8k total
0 coins
Tyrone Johnson
fr? thats awesome! did you use a tax preparer?
0 coins
2M
Raj Gupta
nah did it myself on turbotax. pretty straightforward tbh
0 coins
2M
Write a comment...
Lena Müller
make sure ur dependents arent being claimed by anyone else or itll mess everything up 👀
0 coins
Write a comment...
TechNinja
dont forget about state taxes too! might get something extra there depending where u live
0 coins
Tyrone Johnson
good point! im in texas tho so no state tax here
0 coins
2M
Write a comment...
Keisha Thompson
bruh why even ask here when nobody knows ur full situation? get a professional or use software that can actually look at ur specific case
0 coins
Paolo Bianchi
no need to be rude my guy, ppl just trying to help 🤷♂️
0 coins
2M
Write a comment...