Do I need to pay taxes or will I get money back?

General
1

We file as married, joint filing. Here’s our situation:

  • Two kids, both under 18
  • Wife doesn’t work
  • Husband makes $90k
  • Federal tax already paid: $4k
  • State tax already paid: $3,500

Husband’s paycheck is set up as married filing jointly and claiming 0. Is it possible we’ll get a refund?

2

You don’t ‘get a return’— you file a tax return (Form 1040) and might get a refund.

Also, keep in mind your kids need to be under 17 as of December 31, 2024, to qualify for the full $2,000 Child Tax Credit.

3

@Noor
I love this so much! ‘You file a return, and you might get a refund.’ I want to frame this.

4

Blair said:
@Noor
I love this so much! ‘You file a return, and you might get a refund.’ I want to frame this.

I prefer:
You must file a return. You might get a refund. My job is to make sure you get the biggest refund you’re legally owed.

5

@Neve
You might get a refund, not a return. Watch out!

6

@Neve
Exactly. It’s all about the refund, not the return.

7

What about deductions or adjustments to your income? Do you contribute to things like a 401(k), IRA, or HSA? Are there any pretax deductions like health insurance from your paycheck? These can change the numbers quite a bit. Based on $90k AGI, you might get about $1,000 as a federal refund.

8

@Alden
We do have 401(k) contributions and medical premiums. Right now, the taxable income is $80k.

9

Teal said:
@Alden
We do have 401(k) contributions and medical premiums. Right now, the taxable income is $80k.

Alright, with an $80k AGI (before subtracting the standard deduction), your taxable income would be $80k - $29,200 = $50,800.

That puts your federal tax at $5,632 before credits. If both kids are under 17, you get a $2,000 credit per child, leaving $1,632 federal tax to pay.

You’ve already paid $4,000, so your refund could be around $2,368.

(Edited to fix child tax credit amount.)

10

@Alden
Why did you say $1,900 per child? The Child Tax Credit is $2,000 per child under 17, and $500 for older dependents. OP only mentioned the kids are under 18.

11

Finley said:
@Alden
Why did you say $1,900 per child? The Child Tax Credit is $2,000 per child under 17, and $500 for older dependents. OP only mentioned the kids are under 18.

Oops, you’re right. I saw a bad result online. Thanks for catching that—I’ll update the math.

12

@Alden
The kids are 1 and 2 years old. Doesn’t the refundable part of the credit mean $1,700 per child?

13

Teal said:
@Alden
The kids are 1 and 2 years old. Doesn’t the refundable part of the credit mean $1,700 per child?

The refundable part only matters if you don’t use the full $2,000 credit to reduce what you owe. If you owe less than $2,000 per kid, that’s when the refundable portion applies.

14

I ran your numbers as if you’re in California, and yes, you’d be getting refunds based on the info you shared. Congrats!

15

Spencer said:
I ran your numbers as if you’re in California, and yes, you’d be getting refunds based on the info you shared. Congrats!

What numbers did you get?

16

Teal said:

Spencer said:
I ran your numbers as if you’re in California, and yes, you’d be getting refunds based on the info you shared. Congrats!

What numbers did you get?

Your federal tax came out to about $7,000 total. With the $4,000 Child Tax Credit, you’d get back roughly $1,000 from federal taxes. If you’re in California, the state refund could be $2,000-$3,000. Nice!

17

Just remember: You have to file a return. Whether you get a refund depends on your numbers.