I share my child with my soon-to-be ex husband who doesn't live with me anymore. I live with just my baby and 2 or 3 days out of the week, he stays with his dad. But Dad says he wants to claim our son instead of me because it would make more of an impact on him, like the difference of a couple thousand dollars, whereas I will probably get everything back because I didn't make enough last year to get taxed. He pays some child support. Anyway, I don't know how many to claim on my W2, or is that w4? See, I have no idea what I'm even talking about. It says claim 1 if you're head of your household, 1 if you have a kid, 1 for yourself, and something else that applies to me too I think...anyone know what I should do?
2007-02-06 13:35:13 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You are apparently looking at a W-4, a form you fill out when you start a new job to determine how much federal (and sometimes state) tax will be withheld from your pay. The higher number of exemptions you claim, the less tax will be withheld. Since there is no resolution to who will claim your child yet, you may want to put 1 for yourself now. It can always be changed later at any time.
Make sure it is a part of your divorce papers who gets to legally claim your child on their taxes. You will be glad you did when you want to claim the dependent because you are making more money and you have to prove to the IRS that you are the one legally able to claim him.
2007-02-06 13:47:23 · answer #1 · answered by Brian G 6 · 1⤊ 0⤋
Never take the same deductions out of your paycheck (W-4) that you'll be claiming the end of the year (tax time). If it's just you and baby you should be claiming Head of Household (or Single)with 1 deduction on your W-4. They will take a few dollars more out weekly but at the end of the year (tax time) you will get a nice refund. Think of it as a savings plan.
On your tax return you can still file married (as the divorce was not final 12/2006) filing separately. As far as your ex husband claiming baby, he can do so but he has to claim the amount of time he has him during the year (he has to state that he only gets him 2 months or 3 months per year) so you can claim him for the time hes with you (you also have to claim that you have him 9 months or 10 months).
Do not let him claim him for the whole year, it will have a very big impact on YOUR refund. You get a child tax credit and an earned income credit by claiming the baby and can get back much more than you actually paid in taxes!
Go to H&R Block or Jackson Hewitt and they will advise you exactly what you should do.
2007-02-06 13:49:08 · answer #2 · answered by pamomof4 5 · 0⤊ 2⤋
The custodial parent gets the exemption. The Tax Code says that the custodial parent is the one who the child spends the most time with. From what you say, that will be you.
The Dad won't likely get anywhere near $2,000 for the exemption unless he has a VERY high income. (If he makes that kind of $$$, make him pay for the privilege.)
If you claim your child, you should claim Single and 2 on your W4. If you don't claim your child, you should claim Single and 1 on your W4.
2007-02-06 13:50:39 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
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2016-11-25 21:24:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The first and third answers are good. I prefer recommending the IRS withholding calculator linked below to decide what to claim on the W-4. It takes more factors into account than the worksheet on the W-4 or the rules-of-thumb you will get on-line.
2007-02-06 14:26:35 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋