My husband has business losses that will offset his income of 85K and Im wondering if I claim the child...will I get a bigger benefit then he does. I read everywhere the the benefit for filing married is much more beneficial than married/separate. Although doesn't the fact that he lost so much on his business make him at a loss no matter how many more deductions he would take by WIFE and CHILD credit..I mean I think I would gain by FILING SEPARATE.....LOW INCOME of 6K and ONE CHILD as a dependent....Am I correct on this ASSUMPTION?
Thanks,
2007-01-28 06:12:13 · 2 answers · asked by mirj99 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Probably would be better to file joint, but try it both ways and see how it comes out. On a joint return, any business losses would still apply.
If you file as married filing separately then no, you're not eligible for EIC whether you claim your daughter or not.
2007-01-28 06:36:16 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
It would be better to file as an injured spouse, then they wouldn't take as much of your money, because if you file MFseperately, you lose almost all your benefits,
2007-02-01 06:57:54 · answer #2 · answered by musicman 5 · 0⤊ 0⤋