How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Christopher Phelps Your Own Question
Christopher Phelps
Christopher Phelps, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2710
Experience:  CPA, CFP, PFS, Tax Practitioner 21 Years, Member AICPA/CSCPA Tax/Financial Planning Committee Member
Type Your Tax Question Here...
Christopher Phelps is online now
A new question is answered every 9 seconds

My annual income is $24K how much will I get back in taxes?

Customer Question

If my annual income is $24,000 about how much will I get back with two dependents and I paid $2,000 in daycare? I am just looking for an estimate.

Submitted: 10 years ago.
Category: Tax
Expert:  Christopher Phelps replied 10 years ago.

For purposes of this answer I am assuming you file as head of household and that your children are under age 13.

Accordingly, you may be eligible for a Federal refund of as much as $4,250 comprised of the refundable child tax credit (about $1,900) and the earned income tax credit (about $2,350).

Child Tax Credit

Ordinarily the $1,000 child tax credit is non-refundable to the extent you have a tax liability. However, your Federal tax liability after considering the child care credit will be slightly above $100. This means the bulk of your child care credit may be refunded to you.

Earned Income Tax Credit

You appear to be eligible to claim the earned income tax credit which is a refundable credit. Below are the rules for claiming this credit.

Generally to claim the earned income tax credit you must file a U.S. tax return, must be a citizen, you must have earned income, you must have a valid Social Security Number for yourself, your spouse (if filing jointly) and your qualifying child, your investment income is limited to $2,650, your filing status cannot be “married filing separately” and you cannot be a qualifying child/dependent of another person. The maximum credit for 2005 for a qualifying person with two qualifying children was $4,400 ($2,662 with one qualifying child, $399 with no qualifying children).

Earned income and adjusted gross income (AGI) must each be less than:

  • $35,263 ($37,263 married filing jointly) with two or more qualifying children;

  • $31,030 ($33,030 married filing jointly) with one qualifying child;

  • $11,750 ($13,750 married filing jointly) with no qualifying children.

A qualifying child is one who is (1) your child or stepchild (whether by blood or adoption), foster child, sibling or stepsibling, or a descendant of one of these; (2) has the same principal residence as the taxpayer for more than half the tax year (some exceptions exist for divorces, deaths, etc.); (3) the child must be under the age of 19 at the end of the tax year, or under the age of 24 if a full-time student for at least five months of the year, or be permanently and totally disabled at any time during the year; and (4) the child did not provide more than one-half of his/her own support for the year.

To claim the credit you need to complete and file Schedule EIC with your tax return (see You might also want to visit the following website to get more information about the earned income tax credit.,,id=134524,00.html.

You may qualify for the "advance earned income credit" which will allow you to collect part of your credit in advance from your employer through an addition in your wages. If you have at least one qualifying child fill out form W-5 and give it to your employer (see

If you are not familiar with these provisions I recommend you engage a qualified tax preparer who can walk you through these credits and get you the most refund.

Because it is impossible for me to identify and consider ALL the relevant facts, this advice is not intended or written to be used for the purpose of avoiding penalties, and cannot be used for that purpose.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Previous | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA

Meet The Experts:

  • Wallstreet Esq.

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    10 years experience
< Last | Next >
  • Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    10 years experience
  • Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • Richard's Avatar


    Tax Attorney

    Satisfied Customers:

    29 years of experience as a tax, real estate, and business attorney.
  • Robin D.'s Avatar

    Robin D.

    Senior Tax Advisor 4

    Satisfied Customers:

    15years with H & R Block. Divisional leader, Instructor
  • Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
  • jgordosea's Avatar


    Enrolled Agent

    Satisfied Customers:

    I've prepared all types of taxes since 1987.
  • R. Klein, EA's Avatar

    R. Klein, EA

    Enrolled Agent

    Satisfied Customers:

    Over 20 Years experience