2007-01-26 09:40:12 · 7 answers · asked by freckles 1 in Business & Finance ➔ Taxes ➔ United States
Firstly....its the Earned Income Credit.
Secondley, "kid sharing" is an easy way to draw the attention of the IRS and getting your own EIC denied for the next 10 years.
2007-01-26 09:47:56 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
Yes the dependency exemption may be given away to a non-custodial parent. Typically this requires a signed 8332 form which you can get online at www.irs.gov. Just make sure whoever does both of the tax returns claims them properly or you could run into a huge headache getting it straightened out.
2007-01-26 09:48:09 · answer #2 · answered by misskenzie12 2 · 0⤊ 1⤋
No. Only the parent can claim a child as an exemption. If someone else tries to claim them, the IRS computer will see the child's scoial security number was claimed twice and that will raise a red flag or perhaps an audit.
2007-01-26 09:46:36 · answer #3 · answered by crazydave 7 · 0⤊ 1⤋
Yes. You can claim them for ECI only and their other parent can claim them as dependents only. You will not get the extra deductions for them though. The parent with the highest AGI should claim them as dependents and the lower earning one claim them for the ECI. Keep in mind that ECI is based on how much $ you earned last year. If you didn't make anything then you will not get any ECI
2007-01-26 09:49:04 · answer #4 · answered by nothin 2 do so i'm here 1 · 0⤊ 0⤋
No. And it's EARNED income tax credit, not UNearned. There is no credit for unearned income.
2007-01-26 09:46:28 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Sure!!! while you are at it add you dog and cat and don't forget that groceries are actually tax deductible not to mention cigarettes etc. etc. sheesh!!! some people!
As far as the dunce that works for H and R block (I know I won't be going there for my taxes, actually who does?) you should be fired...the lady wants to claim the same kids on two seperate filings arrrrgggg!!!! read the question!!!!
2007-01-26 09:46:55 · answer #6 · answered by Mick R 2 · 0⤊ 2⤋
no cause i dont think that they would now?
2007-01-30 07:18:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋