The law was 2 years ago was changed from where only the person with the highest income could only claim to now it is who ever wants to claim can.
If both of you try to claim the same child at the same time however the IRS with the tie breaker rules will let the person with the higher income to win the child. If only one of you claim your son than the tie breaker rules do not apply.
Also some may tell you whoever claims your son can also file head of household. This is only true if you both lived apart for the last half of the tax year.
You will want to run the numbers on both ways to see who gets the biggest benefit. The general convention is that who ever has the biggest income gets the best deduction for the child, however I have found if one spouse makes a lot more than the other, usually about a $50,000 more, than the child tax credit will be higher for the lower income earner (because of phase out). So you will really want read the directions carefully to make certain you are not falling into a phase out situation that would change your totals.
As a word of warning. Filling married and separate will cost the loss of several tax benefits, so you will also want to run the numbers on the joint return to see how much extra the household will pay in taxes and see if that offsets whatever reason the both of you want to file separately. Also, if one person uses itemized deductions (Schedule A) than the other person MUST do the same.
2007-03-14 03:29:18
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answer #1
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answered by jks_mi 3
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The same person can never be claimed on more than one return, but you can choose who claims him by seeing which way gives you the lower total tax.
Are you sure you want to file separately? In all but very rare circumstances, that will cost you more total tax than filing joint.
Be sure you realize that if you file separately (and married filing separately would be your filing status for both of you, NOT single or head of household) there are a number of credits you can't take, you can't take EIC, and if one of you itemizes, the other must also. About the only time it saves taxes to file separately is if one of you has extremely high unreimbursed medical expenses or employee business expenses.
2007-03-14 15:51:17
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answer #2
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answered by Judy 7
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You'll almost always pay less total tax by filing a joint return. However, if you insist on giving away more tax $$$ than necessary, the one with the higher income should generally claim the child. Only one of you can and it usually works out best if the one with the higher income claims the child.
2007-03-14 10:28:46
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answer #3
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answered by Bostonian In MO 7
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well, it is better to file jointly as you get more tax breaks that way but if you decide to file seperately, I think the person with the higher income should claim your son so as to reduce your tax burden.
2007-03-14 12:02:40
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answer #4
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answered by Ola 4
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You want to seek professional help before filing MFS. It is rare that this filing status is advantageous. They may be other options that can be explained by a professional. Most will not charge you unless you file with them so the discussion will not cost you a thing but some time and may save you a bundle.
2007-03-14 10:28:06
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answer #5
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answered by ? 6
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Only one of you can, not both. It doesn't matter who. Generally, you get a better deal when you do file jointly.
2007-03-14 10:24:27
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answer #6
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answered by a kinder, gentler me 7
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You cannot claim him twice.
Whomever provided more than one-half of his support can claim him as a dependent.
If you both provided more than one-half of his support equally, then the one who gave birth to him would be able to claim the exemption.
2007-03-14 13:40:20
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answer #7
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answered by bold4bs 4
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you can file income taxes separately as long as you both are not filing head of house hold but sadly only on of you can claim him
2007-03-14 10:25:06
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answer #8
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answered by Anonymous
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Either can, as long as you don't both claim him.
2007-03-14 10:24:30
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answer #9
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answered by open4one 7
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...just "one" of your... consider filing jointly... you'll get more shared deductables. Make him pay in the bedroom...!!!!
2007-03-14 10:24:54
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answer #10
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answered by Anonymous
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