I need to know who would get back more money for carrying my daughter. My boyfriend of I. I had her last year in Feb and only worked from about July on, so my income was very low, under 10 thousand. My boyfriend worked all year and made about 22. Who would get back more money for carrying her. I did not claim any dependents when I filled out my stuff for work, and have not gotten my w-2 form in but can go file with my last pay stub. I hope someone can help me with this, because I have heard that the less money you make in a year the more you get back for carrying a dependent. Thanks a lot!
2007-01-21 08:54:12 · 6 answers · asked by kellie_new_mom25 2 in Business & Finance ➔ Taxes ➔ United States
From your information, as long as there is nothing else involved, and both of you are the parents of the child, it is pretty clear to me that you should do the following to get the biggest refund.
1. You file single, claim only yourself, no dependents. Claim the child as a nondependent for the Earned Income Credit. You are eligible for the maximum Earned Income Credit. Your boyfriend is not. Moreover, the dependency exemption for the child does not benefit you, while it does benefit the boyfriend.
2. Boyfriend files as Head of Household, one child, claims two exemptions, one for himself and one for the child. His tax will be reduced significantly by the Head of Household standard deduction and the two exemptions, and will be completely eliminated by the Child Tax Credit. He will get some Additional Child Tax Credit.
Warning: Do not try this if the boyfriend is not the child's parent. If you are the only parent in the household, the boyfriend is going to have to file single. He cannot claim you or the child. You file, claim the child, and get EIC.
If you do not prepare these returns yourself, have the same person prepare both returns since they need to be coordinated.
2007-01-21 10:50:39 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
How much either of you gets back is not the real question. You need to determine which option results in the lowest total tax. The only way to know for sure is to fill out the forms both ways. Once that is done. Adjust your withholding to match your actual tax liability. Any refund means you gave the IRS an interest free loan.
2007-01-21 09:53:40 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Your mom cannot claim you anymore unless you are a full time student... since your gross income exceeds the allowable amount. If she does, you might be inviting an IRS audit letter. File your own taxes. Email me on my site for more info. Insurance will be affected as far as I know. S.Khanna, EA
2016-03-29 07:56:59 · answer #3 · answered by ? 4 · 0⤊ 0⤋
That sounds just like my family. My boyfriend has always made more than me and he always gets more back. You can get on the H&R website, type in your totals from your w-2's and it will tell you how much your refund will be without turning it in.
Here's the link, go there and create an account for you and your boyfriend.
https://taxes.hrblock.com/hrblock/login/Login.hrbx?Target%3defilestatus%26amp;FV%3dT%26amp;HT%3dF
2007-01-21 11:54:35 · answer #4 · answered by untuhchabul 4 · 0⤊ 0⤋
why don't you and your boyfriend go to like h&r block together to do you taxes [at sametime] and have then tell you who would get the most back and dont for get to ask if each of you could clam her for 6 months each for that year but is the same add ? good luck
2007-01-21 09:05:03 · answer #5 · answered by dellaken@sbcglobal.net 1 · 0⤊ 0⤋
your best bet would be to check both of your tax returns to see who gets the best benefit from the dependent. you may get more back, but he might end up paying and could use the dependent to lower his taxable income. my g/f and i have gone through this a cpl of times and sometimes its better for her sommetimes better for me. you'll have to check it out.
2007-01-21 09:07:10 · answer #6 · answered by spongebobri 4 · 0⤊ 0⤋