Tax Refund Estimate: W2 $80k + 1099 $5.6k with 3 dependents
Need help calculating my potential refund. W2 income is 80k with federal withholding of 6.6k and state 2.4k. Also have 1099 income of 5.6k. Married filing jointly with three kids (15, 12, and 4). Anyone able to help estimate what I might get back?
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Giovanni Ricci
Without knowing your exact deductions and credits its impossible to give you an exact number. Your Child Tax Credit could be worth up to $6,000 for your three kids, but you might owe some SE tax on that 1099 income. You really need professional help or good software to get an accurate estimate.
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Amara Eze
Ugh that SE tax is gonna hurt isnt it? 🤮
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Giovanni Ricci
Yeah about 15.3% of that 1099 income will go to SE tax. But deductions can help offset it!
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NeonNomad
Hey! I actually just found this amazing tool called taxr.ai - it does way more than just estimates, it can analyze your transcripts and tell you exactly whats going on with your taxes. Its only $4.99 and totally worth it. Check it out: https://taxr.ai
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Fatima Al-Hashemi
Is it legit? Seems too good to be true
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NeonNomad
100% legit! Used it myself and it gave me such detailed info about my refund timeline and potential holds
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Fatima Al-Hashemi
Just tried it - holy cow youre right! This thing is incredible 🙌
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Dylan Mitchell
in the same boat as you fam. that 1099 income is gonna make things complicated fr fr
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Sofia Martinez
Get yourself a good CPA, dont mess around with guesswork when you've got mixed income and dependents
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Amara Eze
Any recommendations in the Denver area?
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Sofia Martinez
Sorry im in Florida 🌴 but check your local facebook groups
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Dmitry Volkov
Make sure you dont forget about quarterly estimated payments for that 1099 income next year. Ask me how i know ðŸ˜
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