How will it affect my EIC? I already know I am qualified for EIC. But, I am wondering how will it affect someone a dependent and is working. How will it affect the dependent refund and the dependent is entitle to a state and federal refund? Will the dependent refund go down? Or, will the claimer EIC go down or up?
2007-01-26 11:30:26 · 8 answers · asked by Me!!! 2 in Business & Finance ➔ Taxes ➔ United States
If your son files for income taxes then you can not claim him on EIC. He doesn't have to claim if he is under 18. My advice is to not have him claim unless you don't want the credit. If he files he will get everything he paid in on both federal and state taxes.
2007-01-26 11:38:00 · answer #1 · answered by princessbummer 3 · 0⤊ 2⤋
If the child still qualifies as your dependent, the fact that he or she files their own return won't affect your return or your EIC. They should specify on their return that they are claimed as a dependent.
Their federal refund won't be affected if they made less than $5150 and all their income is from a job.
2007-01-26 13:01:10 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The first queston is how much does the dependent make if over 3,300 you are unable to claim that person. if under that amount your EIC will not effect the dependent's return because they are totally separate returns. Just remember that if you are doing your oown taxes that the dependent doesn't get the full standard deduction.
2007-01-30 14:57:28 · answer #3 · answered by maria169 2 · 0⤊ 0⤋
If you are the parent and the child still resides with you (even if he's away at school, if he still returns, then he lives with you) and you provide more than 50% support, you can claim him on your tax return. If you claim him, then he cannot claim himself. However, if he works then he will have to file his own tax return but claim 0.
Depending on how much he makes, he can get a refund. Generally if a person makes under $7k or $8k a year and claims himself, he'll get most of the taxes back. However, if he claims 0, of course the amount of the refund would be reduced.
2007-01-26 11:36:35 · answer #4 · answered by Anonymous · 0⤊ 1⤋
the only way she ought to declare your 2 babies on her earnings tax is by skill of putting the social secure practices numbers on the 1040 style and their names. At this factor they are listed as her dependants and she or he gets a substantial tax harm, yet not sure how lots she could get returned according to her earnings and all. in case you're working and you filed a 1040 on the tip of the 12 months and you claimed your babies, then the IRS is going to be checking this out and sending out a letter searching for a proof. there is not any way of looking out except you touch the IRS without postpone along with your concerns. Or in case you look for the paperwork in her homestead. How previous is your bf? Does he pay infant help? Do you paintings? Did you report a tax return? the place do the babies stay?
2016-11-27 20:50:25 · answer #5 · answered by ? 4 · 0⤊ 0⤋
my son lives in his father's basement, until he graduates this year, his father claimed him on his taxes so he could get EIC and now my son who is 19yrs. gets less than half of what he paid in. Yes, he pays rent and pays his own bills. His father probably needs another new boat.
2007-02-03 08:38:54 · answer #6 · answered by lori l 1 · 0⤊ 0⤋
To qualify, you must have provided support, the child must be yours, and they need to have lived with you all year. In other words, you need to be able to claim the kid as your exemption. I don't believe the dependent's income comes into play, just your taxable income and adjustments.
2007-02-03 11:23:10 · answer #7 · answered by Scott K 7 · 0⤊ 0⤋
ask an accountant
2007-02-03 10:51:22 · answer #8 · answered by jerry 7 · 0⤊ 0⤋