i have an income tax question. my boyfriend is single (of course) and lives in an apartment. he therefore has no house and owns no property for a tax write-off nor does he have any write-offs that are work related. he gets to claim his 2 kids on his taxes every other year. this year he does not get to claim them. he grosses about $35,000 per year. last year he claimed ZERO single (and got to claim his 2 kids) so he got a $4000 tax return. this year he changed his filing status to ONE single and does not get to claim his kids. If someone in his situation and income bracket claims ONE single, will they owe taxes at the end of the year?? We are hoping that he will at least break even and not owe anything...
2006-10-18 14:40:54 · 6 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
also, he does not have a 401k. his company does not offer one. basically my question is this: if a single person grosses $35.000 per year (with no kids to claim) and he claims ONE single on his taxes, would he owe money at the end of the year????
2006-10-18 16:38:32 · update #1
also, he never can claim head of household because his children primarily live with his ex-wife...
2006-10-18 16:39:54 · update #2
Yes.
2006-10-18 15:02:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Before, If his kids are under 17, he was able to claim the $1000 tax creadit per kid. Additionaly, before he would have 2 dependncy exemptions from his AGI equal to $6,600. Before he was able to claim Head of Houshold status which allowed him a $7,550 standerd deduction now he will take a standerd deduction of about $5,050. So with 35,000 AGI and no itimized deductions.
he will have a taxable income off 26,650 [35,000-5050(standerd deuction)-3300(persnol exemption)]. So on the first 7,550 tax is 10% or 755 on the next 19,100 you pay 15% or 2865. So in total he will owe $3,620(755+2865). If he still had the kids he might of been entitiled to a refund.
2006-10-18 15:09:06 · answer #2 · answered by joe 2 · 0⤊ 0⤋
I claimed single before and didn't have to pay in. My boyfriend has claimed single many times and has never paid in. I thing he did single, head of household. Sometimes he even had to pay more taxes due to a lay off and still broke even. However I have not seen the new tax books or forms yet. If you have one or even one from last year fill out the ez (easy) form it is pretty simple. I hope this helps you some.
2006-10-18 15:05:21 · answer #3 · answered by klynn33 1 · 0⤊ 0⤋
Doubt you would be in this subject, yet .... in case you face an underpayment penalty, you could shrink or get rid of that by using contributing to a regularly happening IRA to diminish your taxable income (ex: each and each $a million,000 x 15% tax value =$one hundred fifty much less tax due.) Then your actual value reductions (once you're making a contribution what you could desire to) is the avoidance of the wonderful. Granted, your money is tied up till age fifty 9.5, even though it continues to be your money somewhat of paying an outstanding to the government. For 2011, shrink the exemptions on your W-4 by using one, to be closer April 2012.
2016-10-19 23:31:37 · answer #4 · answered by cardish 4 · 0⤊ 0⤋
Well, that's a tough question. He should max out his 401K contributions because you don't pay tax on that money until you take it out, when supposedly you're in a lower tax bracket. If he isn't eligible for a 401K plan, then he should look into an IRA. Good luck.
2006-10-18 14:46:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Fill out the worksheet that comes with the W-4
2006-10-18 14:46:37 · answer #6 · answered by Ted 7 · 0⤊ 0⤋