even so I had the child all year. He is trying to tell me that for him it will be a 3000 saving but for me only a 200 difference.
I have not been able to go to a tax person yet and think I am being duped?What do you expert say? I am single with 1 dependent.
2007-01-19 14:33:35 · 14 answers · asked by antiekmama 6 in Business & Finance ➔ Taxes ➔ United States
I would want to know how much having the child on your return is worth to you. Let me give an example with you having $14,000 of income and maintaining a home for the child.
You will owe no income tax. You will receive about $400 for the additional child tax credit, and $2,747 for the Earned Income Tax Credit, for a toal refund of $3,147 PLUS whatever you may have withheld from your wages.
So yes you may be duped, but no matter if you get this amount of refund or not, you can claim the child and get whatever refund is coming to you.
If you go to a tax preparation firm with your questions, they will give you answers for free. If they don't meet your needs, go somewhere else. Most of the time, the preparers want to help you, whether you pay to have your returned filed or not.
2007-01-19 15:02:14 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
It's possible, but would have to see the numbers - what each of you made, any other dependents and deductions, to say for sure. Since the child didn't live with him, he couldn't claim the Earned Income Credit based on the child even if you give him the right to claim his exemption. Without that, it's hard to see how he could get $3000.
If you want to post estimates of his income for the year and yours, and how many other children that are your dependents each of you has if any, it would be possible to give you a little better idea.
2007-01-19 22:41:49 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
The answer that said if you do not claim him you will not get the earned tax credit is right. You also would not be able to file as "head of household", which you need. Also, the LAW states that the child must have LIVED IN YOUR HOUSE for the period for which you are claiming him. So, don't let him claim the child no matter what he says as long as you are the custodial parent.
2007-01-19 22:46:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The first thing you need to know is what your divorce decree states. If you signed off to allow him to take your son as a dependent, then your filing status is Head of Household, but your son isn't a dependent on your return. Instead, your ex should be claiming your son, but with a filing status of Single.
BTW, I sincerely doubt your ex-husband could possibly know your tax situation well enough to estimate you'd only have a $200 savings. Don't believe everything you hear (that includes much of what you may read here).
2007-01-19 22:48:04 · answer #4 · answered by SuzeY 5 · 0⤊ 1⤋
Definitely contact a tax consultant... Usually the person who claims the dependent is the one the dependent lived with. However, in your circumstance I believe they look at who paid the greater percentage of the dependent's care.
2007-01-19 22:49:01 · answer #5 · answered by Krazee 3 · 0⤊ 0⤋
It depends on how much you made last year and what your divorce papers stipulate.
Without claiming your son you may also be waiving the earned income credit and dependent childcare expenses.
Go and see what a tax guy says, but unless you make substantially more than your ex I doubt his calculations are correct.
2007-01-19 22:37:34 · answer #6 · answered by Gem 7 · 0⤊ 1⤋
if you have had him living with you for over 6 months you get to claim him, that is the law. Also, if you are single, you can claim head of household. He is not telling you the truth. go to taxact online, or a free site where you can read the laws, or go to the library and pick up tax info. there. If you look in the paper that are alot of tax services for free in most areas.
2007-01-19 23:56:46 · answer #7 · answered by holly m 1 · 0⤊ 0⤋
Depends, what is your income? If you are in the Earned Income Credit range, then it may not make much of a difference on your return. Go to a tax pro and ask them to figure your return both ways and find out for youself before you let him.
2007-01-19 22:36:58 · answer #8 · answered by Fool in the Rain 6 · 0⤊ 1⤋
Don't do it. If you had custody of the child all year the tax claim for him as a dependent is yours. You can claim any child care you paid also. Don't let him screw you. Do you really think you would see any of that money he gets back- hell no. Don't do it!!!! If he doesn't know your son's social security number, don't give it to him.
2007-01-19 22:39:58 · answer #9 · answered by wrjones559_1999 3 · 0⤊ 2⤋
There are rules for who can claim a child. If you provided over half the child's support, you lived with the child all year and ex didn't, etc. He cannot claim the child.
Be careful, because if you did allow him to do this, and it were disallowed by the IRS, you would then not be able to claim him.
Good Luck & Blessings
2007-01-19 22:54:55 · answer #10 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 1⤋