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Last Tax Day 2009

Question: Approx how much will I get back on my 2009 federal taxes based on this information?

Im trying to see approx how much I might get back so I can start planning my investments*

I just got married this year in April,
Im going to have a baby literally any day now
As of my last pay check I made $42,696
As of my last pay check Federal Income tax taken out is $5,605
My State income tax taken out is $1,956
My 401k taken out this year is $1,528 and is excluded from federal taxable wages.

*I live in NY*

Approx how much will I get back this year and also with that money any suggestions on what I should invest all the money in?

Answer: Projecting your total income for the year at $46,577 and Federal withholding of $6,114, here’s now you look:

AGI: $46,577
Standard Deduction: $11,400
Personal Exemptions: $10,950
Taxable Income: $24,227
Tax: $2,799
Less Child Tax Credit: $1,000
Net Tax: $1,799

Tax Withheld: $6,114
Making Work Pay Credit: $800
Total: $6,944

Refund: $5,115

Tax Day Tea Parties – South Carolina – 2009