not sure how this works,,,,i am engaged and not sure who should claim our kid, i make 65,0000 and she makes 20,000. the house is in my name, so i will be claiming the interest on the house....does it make a difference who claims her? she said she would get more money back , but isnt it a set amount per kid? any help would be appreciated.... thanks!
2007-01-18 08:04:36 · 10 answers · asked by rezzer0088 1 in Business & Finance ➔ Taxes ➔ United States
i dont think you can claim the house tax to her, cuz house is not under her name, and she also not depend child on you already, if you still want to, go ask your cpa
2007-01-18 08:08:29 · answer #1 · answered by bl_ttn 3 · 0⤊ 0⤋
I just did someones taxes the other day and the benefit was He claimed the house and she claimed the kid. They wound up getting almost $11,000 back between both of them that way. Considering you made more she would get more back because she would get the earned income credit. You wouldn't get that. But claiming the house is a big enough deduction for you to claim and then she can claim the child. If you have any questions contact me. Free estimate also.
2007-01-18 08:11:56 · answer #2 · answered by shaydzofluv 2 · 0⤊ 0⤋
The child tax credit is a set amount per child. However, the tax benefit of the dependent exemption, and the head of household filing status versus single is dependent on the marginal tax rate. Generally, since your income is higher than hers, you would be in a higher tax bracket than she, so you would receive more of a benefit for the head of household filing status and the dependent exemption. However, this also depends on what is the amount of mortgage interest you paid. If you are itemizing and she is not, the higher standard deduction for head of household may benefit her more. Also, with a child, she should be able to qualify for the earned income credit, while you are above the income limit so you would not.
Your best bet is to run a calculation of your return with the child and without, and do the same with hers and then compare the two.
2007-01-18 08:20:52 · answer #3 · answered by jseah114 6 · 1⤊ 0⤋
it is a loaded question. even as in many cases the fellow that has actual custody in many cases has the right to declare the youngsters the only which makes use of more effective income to help them also has a right. I have some ideas. If between the mothers and fathers has a low income that figure can use the youngsters for earned income credit and enable the different slaim the exemptions (i understand it would want to correctly be performed that way in maine for fedral and state tax applications). yet another answer is to change claiming them each 3 hundred and sixty 5 days or enable one figure declare one and the different declare the 2d. I desire you success in operating this out. playstation : whomever information their go back first in many cases receives the benifit of the doubt at claiming them in case you adult men cant artwork issues out!
2016-10-15 10:12:06 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Your girlfriend probably would qualify for the EIC - Earned Income Credit so it should be more advantagous for her to claim your child.
Check for a VITA (Volunteer Income Tax Assistance) location and they can really help you with questions like this. Alternatively if you have a tax software (Like Turbo Tax) you could try it both ways and see who comes up with the larger refund.
2007-01-18 08:10:09 · answer #5 · answered by DieNarrin 2 · 1⤊ 0⤋
She may be able to get more back because with $20K income, she should get some Earned Income Credit. It's extra money back for low income people. To get it she will have to file as Head of Household with a dependent.
On an income of $65K you don't qualify for Earned Income Credit.
2007-01-18 08:11:45 · answer #6 · answered by hawkthree 6 · 0⤊ 0⤋
Since you have more income you probably supported her. In order to do the RIGHT thing - the person that pays MORE than half of the child's support should claim the exemption....That's all I have to say about that...
Good Luck!
2007-01-18 08:42:40 · answer #7 · answered by Weetie 3 · 0⤊ 0⤋
jseah is spot on. You should do your returns together, just as suggested and see which way gives you the largest total refund. It's going to be a close call either way. Whatever you do, make sure one of you claims your daughter!
2007-01-18 09:43:20 · answer #8 · answered by skip 6 · 0⤊ 0⤋
for 2006, the amount allowed for each personal and dependent exemption es generally $3,300.
2007-01-18 08:08:29 · answer #9 · answered by unan1m0us 5 · 0⤊ 0⤋
The earned income credit is based on low income. $65,000 would probably disqualify you for it.
2007-01-18 08:08:50 · answer #10 · answered by Ti 7 · 1⤊ 0⤋