The Tax Resources Blog

Posts Tagged ‘income-tax’

Income Tax Owed Calculator

Question: Will I have to pay taxes on my unemployment compensation?

I made approx. $13K in 2009, all from unemployment. I have one dependent. I’m thinking of letting her father claim her, as he had earned income. I did a calculator on TurboTax and it said that I didn’t owe or get a refund. Is this accurate? Do I even need to file a Tax Return?

Answer: If you claim her, you won’t owe any income tax. If you don’t claim her, you will owe around $125. And in either case, yes you need to file a Tax Return.

If your child lives with you and doesn’t live with her dad, then him having earned income is meaningless, since he wouldn’t be eligible for EIC – you only can get that if the child lives with you.

Income Tax Calculator, – Will I owe more Income Taxes this Year