if a person made 1892.32 for the year of 2009 and they are claiming three dependents,will they get a good refund amount?
Less than $2,000 a year for four people? She'll get all of the taxes she paid refunded -- IF she paid any taxes at all through the year.
A good refund? A small percentage of 1892 is not considered by most to be a "good refund."
If the $1892 was earned income (e.g., wages), the person would likely receive a hefty $757 earned income tax credit, which would be included in any "refund" check the person would otherwise receive.
To determine whether a person will get a good refund amount, we need to consider several factors such as income, dependents, deductions, and credits. Let's break it down.
1. Income: You mentioned that the person made $1892.32 for the year of 2009. However, this income alone is not enough to determine the refund amount. Other sources of income, such as additional jobs or investments, could affect the final refund.
2. Dependents: Claiming dependents can potentially increase the refund amount. As per the information you provided, the person is claiming three dependents, which may result in a higher refund.
3. Deductions: Deductions further reduce taxable income, potentially leading to a higher refund. Common deductions include the standard deduction or itemized deductions such as mortgage interest, medical expenses, or state and local taxes.
4. Credits: Tax credits directly reduce the amount of tax owed, which can result in a higher refund. Some popular credits include the Child Tax Credit, Earned Income Tax Credit, or education-related credits.
To provide a more accurate estimate of the refund amount, it is crucial to know other relevant information such as filing status, other sources of income, deductions, and credits the person may be eligible for.
That being said, with the information you provided (income and three dependents), it is difficult to determine the exact refund amount. For a precise answer, it is advisable to use tax software or consult a tax professional who can consider all the relevant factors and provide accurate calculations based on the person's specific circumstances.