How many kids do I have to have to not pay taxes?

Answer 1

The MOST that you can save on federal income taxes is not even $2,000 per child (a $1,000 credit plus a $3,400 exemption amount multiplied by your tax rate). Trust me, you'll spend more on food, clothing, medical expenses, etc. than you'll save in taxes.

Answer 2

To 'not pay taxes' is more than having children, it is an equation of how much annual income you have minus the amount of your standard deduction (where the number of children plays a role) or itemized deduction, to get your taxable income-from which you get the tax owed. From that point, you subtract your 'credits'- how much taxes you paid, if you have things like Education, Mortgage, or Child Care Credits, etc., if the credits are more than the tax, you get a return. You can only claim up to 2 children in some areas-like Earned Income Credit, but more in other, like determining your deduction. It is entirely possible for someone with as many as five kids still have to pay taxes because they make too much money to have any other credits applied to their tax. It is also possible, in turn, for a childless 25 year old single person to get Earned Income Credit.

Answer 3

You get a $3,400 exemption (2007) for each child. Do the math for your situation.

Answer 4

It depends on your income, filing status, deductions, and adjustments, as well as how many kids you have.

Answer 5

Atleast two