Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

If I earned $31,000 in 2019 just claiming myself, about what should my tax refund be?

Update:

Also I am 66 years old on social security

10 Answers

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  • Eva
    Lv 7
    1 month ago

    No one can tell you that without knowing how much you had withheld.

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  • 1 month ago

    That depends on what was withheld.

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  • 1 month ago

    Nobody can answer this. A refund is the return of your overpayment of tax during the year. You did not say how much you paid during the year, and you won't know until after the year is over.

    Also, you are not 'just claiming yourself'. That went away after 2017. If you are a single filer, you get a standard deduction of $12,000. This replaced the old standard deduction of $6,350 plus your personal exemption of $4,050.

    If your total earnings is $31,000 and you have no tax credits, you will owe tax on $19,000. You will owe 10% on the first $9,700 - $970 - and 12% on the next $9,300 - $1,116. That's $2,086 on your $19,000 taxable.

    Compare that with what you pay in withholding as show on the W2 you will get in early 2020. If you paid more than $2,086, the difference is your refund. If you paid less than $2,086, you owe the difference to the IRS.

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  • 1 month ago

    It depends on how much was paid in through withholding.

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  • 1 month ago

    No way to know - It depends on the amount withheld vs the amount owed.

    A big factor will be how much you received in Social Security and how much is taxable.

    If you earned $31k at a job other than Social Security, and received SS benefits then up to 50% of your social security benefit is taxable. So its possible you'll owe money if you didn't have enough withheld to cover that.

    There's an easy way to do this though - look at your last paystub and project your year-end earnings and tax withholding using the year to date amount plus the per-paycheck amount multiplied by the number of paychecks remaining in the year.

    Then, use an online calculator, plug in your approximate numbers. I prefer tax caster from intuit (Turbo Tax) but there are plenty of other good ones too.

    https://turbotax.intuit.com/tax-tools/calculators/...

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  • Joe
    Lv 6
    1 month ago

    I call you a liar. No old 66 year old man with little money on SS Benefits doesn't know anything about what your ballpark taxes will be. What gives ???

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  • 1 month ago

    It could be anything, or nothing, and nothing is the most likely amount. If it is something, then it depends on many things that you didn't mention, which is why no specific amount is more likely than zero.

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  • 1 month ago

    i would call a tax place and ask them this question

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  • Anonymous
    1 month ago

    Earned $31K on a W-2 in addition to your ss, and claimed 1 on your W-4. and had nothing withheld from your ss?  Can't give you a number, in enough info to even guess, but you'll owe a lot.

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  • Anonymous
    1 month ago

    You won't get a refund.  You probably will have to pay more.

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