My son graduated from college recently & will not be able to claim him as a dependent.I will still have my mortgage interest & my payable taxes interest to deduct & was not sure how must of a difference the filing status will make.
2007-02-11 11:51:03 · 6 answers · asked by Woodknob 1 in Business & Finance ➔ Taxes ➔ United States
Unfortunately, the tax ranges for HoH are larger than that of Single, so yes, its likely your taxes will go up.
You may have to review your deductions to see where you can optimize them for best effect.
2007-02-11 11:54:45 · answer #1 · answered by InspectorBudget 7 · 1⤊ 2⤋
Both the change in filing status and losing your son as a dependent will cause your taxes to go up if nothing else changes much. Depending on your income, could be in the hundreds of dollars or over a thousand.
2007-02-11 12:30:03 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
you regulate your submitting prestige once you report your return. Your tax preparer can try this for you no subject. The IRS has some standards to submitting head of relatives. you will desire to have a qualifying infant residing on your place whom you help. your husband desires to be out of the abode for the final 6 mo of the year you will desire to have presented over a million/2 the whole help to the relatives for the whole year Your tax expert will flow over all of this with you once you report your return. yet this isnt fairly your question, is it? you will desire to touch the irs and supply them your handle. verify out the link interior the source field decrease than. that's a link to form 8822 which you fill out and mail to the irs. that's a transformation of handle form and the irs will then initiate mailing coorespondences to you on the handle you checklist.
2016-12-17 07:44:52 · answer #3 · answered by ? 4 · 0⤊ 0⤋
If your son was still under the age of 24 during the year of 2006 and a full time student, you would still be able to claim him
Publication 970
http://www.irs.gov/publications/p970/index.html
2007-02-11 12:11:56 · answer #4 · answered by Anonymous · 1⤊ 1⤋
if the person in question was in your care for at least 6 months
of the tax year 2006 you still maybe able to deduct him/her
and consider deducting tuition. see a tax professional.
2007-02-11 12:01:50 · answer #5 · answered by barrbou214 6 · 0⤊ 2⤋
your refund will probably be smaller. I don't think Bush's tax cuts did anything for single people.
2007-02-11 11:55:34 · answer #6 · answered by quillologist 5 · 0⤊ 3⤋