My boyfriend makes a lot more money than I do, we want to bring home the most amount of money possibe per paycheck but still get money back come tax return season. I always get a refund but my boyfriend always owes.
2006-09-21 17:49:38 · 12 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You can agree on who will take the exemption and from there determine what would be best. You may be able to get other benefits such as EIC and HOH. I would estimate your income and have someone calculate a return for each of you doth ways so you can best judge how to get the most back. All of that is assuming that you share you money.
2006-09-21 18:54:06 · answer #1 · answered by ? 6 · 0⤊ 0⤋
If he makes more than you, you should have him claim the baby, especiallyu if he has to pay every year. Maybe he should check to see if he is claiming the correct amount on his W-2. Maybe do it on the computer both ways first, and find out who will get the most back, and then claim that way. That is probably the easiest.
2006-09-21 18:08:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If there is an income he has to pay tax , how can u skip that , but if do then be ready to hear the tax mans bell any time might be one yr or more but well his bell will ring & if it rings he will pull out all the past issues related a big mess to get off.
Safer side keep ur self a peace.
2006-09-21 17:59:14 · answer #3 · answered by ACE 2 · 0⤊ 0⤋
the previous answer defined the circumstances for claiming you on your bf's tax return as a qualifying relative. the region to your toddler is distinctive. Your bf can declare your toddler on his tax return if each and all the circumstances for qualifying relative are happy, and a million. You, the mum, are actually not required to record a tax return. 2. in case you record a tax return that's barely to receive a reimbursement of taxes withheld. 3. the youngster isn't a qualifying toddler of yet another guy or woman. 4. you haven't any longer waived the youngster's exemption (via IRS form 8332 or court docket order) to the youngster's father. Any exemption your bf gets for you or your toddler won't qualify for any tax credit.
2016-10-01 05:51:29 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Mathew makes a good point. you have to do computations for each of you. If your boyfriend earns a lot of money he may not qualify for Earned Income Credit, whereas you may.
Consult a tax professional jointly when you do your taxes next year.
2006-09-22 07:27:32 · answer #5 · answered by skip 6 · 1⤊ 0⤋
No, but you should agree as to which claims the baby as a deduction. I believe there is a form you may fill out stating that he gets the deduction or you do. You want to have this form in case one of you contests it later.
2006-09-23 02:46:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Only if he is in a higher tax bracket than you and by claiming the baby will lower his tax bracket. Otherwise it makes no difference.
2006-09-21 17:53:58 · answer #7 · answered by JQT 6 · 0⤊ 0⤋
It does not matter who claims the baby. Figure it both ways, and who ever gets the most file it that way.
2006-09-21 17:57:32 · answer #8 · answered by srrsmr 2 · 0⤊ 0⤋
Let the boyfriend claim the kid, then both of you might get money back.
2006-09-22 06:05:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Then let your boyfriend claim the child, a dependent will lower his taxes. I don't know how much it depends on how much he makes.
2006-09-21 17:59:10 · answer #10 · answered by sascb98 2 · 0⤊ 0⤋