my husband is claiming my son and me on his pay.. being i dont work at the moment.. will that hurt us in the long run when it comes time to file taxes or no..we are newly parents and didnt have any idea on wether to claim me and my son or just him .so my husband did both..how does it work when you go to file?
2007-07-08 11:35:31 · 4 answers · asked by ~Ashley~ 5 in Business & Finance ➔ Taxes ➔ United States
What he claims on his Form W-4 for allowances determines how much tax is withheld from his pay. For a family of 3 with only one breadwinner, claiming 3 is correct and will result in a modest refund at filing time.
In fact, he could even claim 4 and be just about even-Steven with the IRS at filing time. There might be a small refund due or a small tax bill but it should be within $50 or so of even money.
If your income is comparatively low you may be eligible for the EIC. In that case, he could claim a couple more withholding allowances and still come out ahead at filing time.
2007-07-08 11:44:12 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The only thing that is impacted is his and your (if you work) take home pay. When you file the taxes, it will be a "married filing jointly" return and you will claim your son as an exemption and you and your husband will be 2 more exemptions. You will have 3 exemption, each would have been worth a $3400 deduction from your taxable income in 2006..
2007-07-08 18:47:00 · answer #2 · answered by skipper 7 · 0⤊ 0⤋
You should be OK. You'll get the child tax credit for your son assuming that he lives with you and is under age 17, so you might even have a refund coming when you file.
2007-07-08 21:50:40 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If you guys are married you should be filing a joint return. You guys will also get to get an EIC credit because you have a son. Why aren't you working? You can make extra cash online from home.
2007-07-08 19:29:21 · answer #4 · answered by christine s 1 · 0⤊ 2⤋