tax return?

Question

according to my last check stub......my gross for the year is 35,521.........my wife made about 8 grand....i got married this year, i also bought a house in february.....i married into 4 kids..........ive paid 4,800 bucks in fed taxes......i realize there is a 1000 dollar child tax credit per child..............how much can i expect?.......would it be more feasable to let my mom in law claim 2 kids to earn the EIC......they stayed with her for 2 months.......im just looking for the most lucrative tax return

Answer 1

Recommend you see a local CPA (NOT an H&R Block). May cost you, it is deductible next year. You don't say if you paid state income tax.

Answer 2

Letting anyone claim anyone on their tax return will not help you. Now, if you didn't pay her and you want to compensate her you can do this. Though, I think I'd just give her half and she'd be happy. Also, you need to go to someone that does this besides H&R and make sure to take all deductions. If you do the long form make sure to use all medicakl expenses. You can also use mileage to and from DR. and Pharmacy and any other medical related costs. In a month or so you will get the tax ticket from the bank stating what you paid in taxes, use any property taxes you paid on cars, etc.
Also, what you paid to have the taxes done last yr. I think the Tax credit has changed. Wait and see, don't spend before you have it, please. This is a very bad habit and it would be great if you could save or invest any money you get back, or at least improve the house or catch up on bills. Don't buy anything new that you have to go into debt for. This is foolish...just save it for that rainy day that is going to come...it will. good luck.

Answer 3

With 4 kids, you shouldn't end up owing any taxes by the time you take off the child tax credits, assuming that their biological dad doesn't have the right to claim them. You might even get something extra back besides what you paid in if you're eligible for the additional child tax credit, which goes to people who have three or more children, and don't get the full child tax credits because they don't owe that much tax - be sure to check on the additional child tax credit when you do your taxes or have them done.

Depending on how much you have in itemized deductions, you might want to itemize. Having bought a house in February, you very possibly have more in itemized deductions than the standard deduction would give you, which might save you money if you're getting the additional child tax credit - otherwise it won't make any difference since the child tax credit would already take your taxes to zero without itemizing.

Since the kids didn't live with your mother-in-law for more than half the year, she isn't eligible to claim them as dependents or for the EIC. To do so would be illegal.

Answer 4

You would get all $4,800 back.

Given the information you gave (without respect to how much you might have paid in property taxes, state income taxes withheld, and mortgage interest), here's how I came up with it

Your Gross - 35,521
Wife's gross - 8,000
Total = $43,521

Standard deduction - 10,300
Personal exemptions - 19,800

Taxable income = $13,421

Federal Income Tax = $1,343
Non-refundable child tax credit = $4,000

Complete refund of the $4,800

And no you cannot let your mom claim the kids, they did not live with her the majority of the year and she does not pay for more than half their support.

Answer 5

Sounds like your lookin for an audit and getting one for mom-in-law to boot. Believe me that will not help you and the new wife make many happy returns!

Answer 6

you need to talk to your tax consultant
does she get the tax credit for the kids or does their biological Dad?

Answer 7

It would be worth your while to talk to a tax professional. (Perhaps one on YA will respond.)

Answer 8

you need to talk to your tax consultant.