i went on h&r block just to do the estimation calculator, when i put me and my husband together with our two kids, maxed out the child care amount (2500) a piece, included an estimate on our mortgage taxes, we bought our house in september and we were only estimated to get a little over 2200 dollars but if i file head of household with the two kids, the child care, plus the two months of mortgage taxes i came out estimated at a little over 5300 dollars...what's the deal i thought being married helped you out on taxes...neither me or my husband make over 30k a year but it seems like the working man get no breaks at all?...am i missing out on something?
2007-01-04 02:40:30 · 7 answers · asked by tythegemini 2 in Business & Finance ➔ Taxes ➔ United States
You should be able to claim exemptions on four people for your tax break. Did you do that?
An exemption is an amount of money you can subtract from your Adjusted Gross Income, just for being you, or having dependents. Exemptions, then, reduce the amount of income on which you will be taxed.
You get to take a personal exemption for yourself, and you may get to take additional exemptions for people who are your dependents.
You enter exemptions on Form 1040, line 40. You can get the total exemption amount by multiplying the total number of exemptions you entered on line 6d of Form 1040 by the current year exemption amount, which you can find in the IRS Form 1040, Form 1040A or Form 1040EZ instructions or on the related form.
You're not eligible to file Head of Household so you need to file Married filing jointly.
2007-01-04 02:43:41 · answer #1 · answered by Justsyd 7 · 0⤊ 0⤋
You are not comparing properly. First of all you can't file as head of household unless you are legally separated and live apart from your husband.
Did you compare the total of your taxes as head of household and your husband filing separate with the joint return totals. Something is wrong with the H&R analysis.
The full effect of the house purchase won't be felt until you have made twelve mortgage payments. If the analysis is done right you should see a savings in married jointly verses filing seperately.
2007-01-04 03:58:39 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
If the 18 year old is still in school and dependent, then child support will be approximately 25-30% of his income for two children. If the 18 year old is college age, make sure you ask for college expenses for her. You should also ask for health coverage for the children and for yourself. You will not be able to remain on his employer supplied health policy (if he has one) following the divorce, but you can ask that he pay for your coverage - if it is possible for you to get coverage. You should ask that he provide a life insurance policy with the children as beneficiaries for the term of their dependency. You should be the owner of that policy so that you can know if he fails to pay the premium. Without a disabling medical condition, you would be entitled to about 10 years of spousal support. With the lupus, you may be entitled to more but lifetime support is very infrequent these days. It will depend greatly on the case your attorney makes and the judge and jurisdiction in which you reside. You can also ask for a period of increased spousal support to allow you to gain the education or training you might need to become self sufficient in the workplace. You need to gather up all the family's financial records so that you can make sure you have a fair distribution of assets, including the family home and any investment or bank accounts. At 13, the youngest daughter can voice her opinion about custody and visitation. It is unlikely that the court would refuse the father visitation and it will be your obligation under the law to see that his visitation order is respected. If he has been physically abusive to this child and there is testimony to that effect, you can ask for supervised visitation. The court generally speaking does not care about the circumstances bringing about the divorce if there is no physical abuse involved. The court simply divides marital assets and determines custody and visitation.
2016-05-23 02:33:52 · answer #3 · answered by Christine 4 · 0⤊ 0⤋
Seperatly, sounds like you would qualify for some Earned Income Credit. When you combine your income with your husbands, together you make too much money for EIC. That's what is hurting you and making the the main difference. Also called the marriage penalty to some people.
2007-01-04 03:01:24 · answer #4 · answered by Fool in the Rain 6 · 0⤊ 1⤋
That's the first time I've heard that claim...
Usually you hear about the "Marriage Tax Penalty"
2007-01-04 02:42:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
File jointly you will see the difference
2007-01-04 02:44:07 · answer #6 · answered by michelegokey2002 4 · 0⤊ 0⤋
if you are married you cannot legally file as "head of household". you can only file as "married joint" or "married separate".
2007-01-04 02:43:46 · answer #7 · answered by Ovrtaxed 4 · 3⤊ 0⤋