I was wondering what the best route would be to get the most back.
I made more than her this year, by about 20K, and we had our first child three weeks ago. So I don't know how I should file this year and who should claim the baby to get the most money back.
Thanks!!!!!!!!!
2006-12-27 10:40:01 · 4 answers · asked by lodleader 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
It is usually better filing jointly. Actually, there is some benefits the government doesn't allow you to claim if you file married filing separately. Next year you could have a better refund because you will have a $1000 child tax credit, and you could qualify for the earned income credit (depending on income.) It is best to see a tax professional to get the best refund.
2006-12-29 05:25:32 · answer #1 · answered by chelle8079 2 · 0⤊ 0⤋
Filing joint almost always is at least as good as filing separately, and is usually better.
If you file joint, the baby is claimed on that return and there's no decision to be made as to who should claim the baby.
2006-12-27 22:32:12 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You will have to file either Married Filing Jointly or Married Filing Seperately. If you file MFJ then there is no choice of "who" claims the baby. If you file MFS only one of you can claim the child. You will need to run it both way. Generally speaking, most people are better to file MFJ
2006-12-27 21:25:58 · answer #3 · answered by kgbbsc7 2 · 0⤊ 0⤋
Usually, it is better to file Jointly.
Some software programs will let you run it both ways to see.
2006-12-27 18:56:22 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋