Im pretty sure you cant have 2 head of households in one house, but what would be the most benefical means of tax preparation? i have made a little bit over 6000 and i have a new son and i am not married, what forms should i file? i used the 1040ez last tax season, and what would be my best interest with tax preparers businesswise?
2006-12-28 14:46:44 · 7 answers · asked by emo_rox12 1 in Business & Finance ➔ Taxes ➔ United States
if im a dependent how can i have a dependent?
i am gonna file for my son.
2006-12-28 14:55:51 · update #1
You are a dependent
2006-12-28 14:54:03 · answer #1 · answered by #1 Buckeye Fan!!!! 4 · 0⤊ 0⤋
If you are a dependent, then no, you can't have a dependent. If your parents are primarily supporting both of you, then they could most likely claim your son.
If you're a dependent, you'll still get the standard deduction of $5150, but not the personal exemption, since your parents will get that for you. So you'll owe a little bit of tax, probably less than $100 but close to that. If you had more than that withheld, you'll get the rest back. You would still be able to use the 1040EZ - you can't claim dependents there, but it doesn't sound like you can claim your son anyway. You'd file as single. If you don't have a dependent, you can't be head of household.
Good luck - sounds like you've got a lot on your plate these days.
2006-12-29 13:05:28 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
There can be only one head of household so you cannot be head of household. Your only choice of filing status is Single.
Are you under 24 and a full-time student? If so, then you are a qualifying child for your parents and they can claim you on their tax return. In this case you cannot claim your child as your dependent. Your parents can claim the child as well as you. You can use Form 1040EZ.
If you are over 24, or between 19 and 24 and not a full-time student, then you are not a qualifying child of your parents. Even if you lived at your parents' house all year, you make too much for them to claim you as a dependent. You will claim yourself and the child, and get the Earned Income Credit for your child. Use Form 1040A.
2006-12-29 06:14:35 · answer #3 · answered by ninasgramma 7 · 2⤊ 0⤋
How old are you? Your parents may not be able to claim you even if you are in college.
You dont need to use the head of household status.
File as Single, this will give you a $5000 Standard deduction.
Then because you provided care for your child you can claim him as a deduction($3200) or a child tax credit($1000) or both.
You will get an Earned Income Credit of roughly $2200, plus any federal income tax youve already paid will be returned.
You can only claim Head of Household if you pay MORE THAN half of the costs of the house, including electric/water/maintenance etc.
Head of household bumps you standard deduction to $7500, you didnt make enough money this year to worry about it, file Single.
2006-12-28 23:50:58 · answer #4 · answered by welshman in texas 2 · 0⤊ 1⤋
Double check before you file, since you didn't make that much, you may not have to file at all. I remember when I was in college, the cut off limit was about $9000 before you had to file. You would use the 1040EZ or the 1040A if you are going to claim child care and such expenses. Either way, you and your son are your parents' dependants.
2006-12-28 22:55:37 · answer #5 · answered by ihave5katz 5 · 0⤊ 1⤋
you need to ask a tax expert this question. I am a single mom who is in college and lives with the parents but I pay rent so I am independant and claim head of household.
2006-12-28 22:57:38 · answer #6 · answered by ladymodez 2 · 0⤊ 0⤋
The best thing to do is to talk to your accountant or the one that perpares your taxes.
2006-12-28 22:54:54 · answer #7 · answered by karen v 6 · 0⤊ 0⤋