2006-11-21 08:37:56 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Actually, it could effect it - it depends upon the type of loan and whether or not it's past due. For example, if a spouse is delinquent in paying child support and the the attorney general has filed some sort of paperwork with the IRS to withhold the tax refund. Also, past due school loans could garnish the refund. In these type of cases, the other spouse may be able to file an "injured spouse claim" to claim a refund for their part of income and tax, if applicable.
If there are just regular loans, other than mortgage, this will have no bearing on filing.
2006-11-21 11:15:15 · answer #1 · answered by Country Boy 5 · 0⤊ 0⤋
I don't really understand the question. Whether or not a dependent owes a loan has nothing to do with the tax filer's income tax return.
The person filing with a dependent gets a tax credit that reduces their taxable income, thus saving the filer several hundred dollars in taxes.
2006-11-21 08:49:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Being claimed as a dependent does affect the dependents return. A dependent cannot claim a personal exemption and may have a reduced standard deduction. There could be other affects, but these are the two I remember.
2006-11-21 11:46:51 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
IRS will discover out given which you presently ought to apply a social risk-free practices quantity for each based claimed over the age of 5 (i think of). They study numbers searching for duplicated claims. It would not consistently set off an audit, yet they're going to touch the persons in touch for a proof and somebody will finally end up submitting an amended return and specific ought to pay further tax and likewise a penalty possibly. It relies upon. each so often, it is an harmless mistake, as in a divorce and is extremely resolved with an amended return and make up the version in the quantity of tax paid without audit and no penalty. This passed off to me as quickly as I divorced. My son exchange into my based for tax purposes even nevertheless he lived along with his mom most of the 300 and sixty 5 days, the settlement contract suggested so. The 300 and sixty 5 days we divorced, she claimed him as a based besides and IRS contacted us by utilising a standard type letter. I sent lower back a replica of the settlement contract with the ideal clause highlighted. I heard not something greater beneficial from IRS. I have not got any concept what passed off with my ex-spouse as she by no skill informed me. My tax adviser informed me she in all probability basically had to record an amended return without claiming our son and make up the version if she owed something as a effect of the exchange. My ex-spouse in all probability only made a standard mistake.
2016-10-22 12:20:02 · answer #4 · answered by briscoe 4 · 0⤊ 0⤋
I don't think it does as long as the loan is for school or if the dependent is spouse but I would call your local H&R block to be sure.
2006-11-21 08:46:06 · answer #5 · answered by ~Genie~ 3 · 0⤊ 3⤋
No.
2006-11-21 08:45:12 · answer #6 · answered by Anonymous · 0⤊ 2⤋