When filing income tax- Is it possible to file as "Single Parent AND "Head of Household", or is it one or...

Question

...one or the other, & if so, which one is better? My situation is both (single parent & head of household- 2 kids, soon 2 jobs, no daycare expense). Also, when filling out tax forms for work...

"Personal Allowance Worksheet" - line E- Enter "1" if you will file as head of household on your tax return.... Do I enter "1"?...

"Employee Withholding Allowance Certificate"- line 5- Total number of allowances you are claiming...

And... although I won't not have any daycare expense, can I still get "Child Tax Credit"?

If I accidentally fill it out wrong, what will happen (it's so frikin' confusing...)? Thank you for any help.

I meant to say "Single" (not single parent).

My kids are 17 & 10.

Answer 1

You'd file either as single or as head of household - head of household has better tax rates. It's possible to be a single parent but not eligible to file as head of household, but if you are providing over half of the expenses for the year to provide a home for one or more of your children, and they live with you for more than half the year, you can probably file as head of household.

The child tax credit is separate from the dependent care credit. You'll get one $1000 child tax credit for the younger child - it's only available for kids under 17.

If you fill out the W-4 with too low a number of allowances, they'll take more out of your check, but you'll get the extra back as a refund when you file your taxes. If you put a number that's too high, you could end up owing when you file your taxes. If you can claim both children, you'd be OK with four or five allowances - you'd have 1 on line A, 2 on line D, 1 on line E and 2 on line G, for a total of six - I'd stay with 5 at most if you are expecting to take a second job since that can cause you to end up with too little taken out. But if you make under about $37,000 total for the year, you will probably be eligible for an earned income credit which could give you some extra money back.

I hope I haven't confused you further.

Answer 2

There is no filing status called "Single Parent". In your situation you would file as Head of Household. Here's how to fill out your W-4

Check 'Single' on line 3.
Enter '1' on line E.
Enter '4' on line G.
Enter '5' on line H.
Enter '5' on line 5. This is the total number of withholding allowances that you are entitled to.

If you take a second job you should claim Single and enter '0' on line 5 for that job. You should probably also reduce the entry on line G of your primary job to '2' and the entries on lines 5 and H to '3'. You need to do this to avoid underpayment of taxes.

If you claim too many withholding allowances you'll have a tax bill to pay at the end of the year. If you claim too few you'll get the extra tax withheld at the end of the year but you'll get smaller paychecks during the year.

Answer 3

Single parent is the same as head of household. But, you want to make sure and check off the box as Head of Household. For personal allowance worksheet, line E, yes you enter 1. For allowances you are claiming, probably 3. Child Tax credit is a separate issue from child care credit. Child tax credit is $1,000 per child, as long as the child is under age 17. So in your case, you should get $2,000 for a child tax credit. When filling out forms for your payroll dept, they should be able to help you fill them out with the proper amounts if you explain your situation to someone there. As far as your tax form, if you fill it out incorrectly, the irs should catch it and correct your tax return for you, resulting in either more money to you, or more money from you.

Answer 4

You need to realize that 50/50 custody on paper is meaningless and if the IRS can't determine which one of you actually had the child living with you for more than half the year, the IRS will rule that neither of you did, neither of you gets a qualifying child and all you will get is the $3500 exemption. Plus, with the new focus on audits, the IRS will look back at 2007 and earlier years and fix those as well. Let me repeat this. 50/50 paperwork is meaningless. You need to keep a calendar that proves the child lives with you. Oh, I think she stays with her mother 5 nights a week during the school year and I have her weekends, holidays and the summer isn't going to cut it. If the IRS decides the mother is the custodial parent and you aren't, you can only claim single, the exemption and the child tax credit...and then only if mom signs a form 8332 and you attach it to your tax return.

Answer 5

There isn't a single parent status. If you are head of household you can claim that but on the w-4 it is just married or single and the number or allowances. If you get the allowances wrong you will get a refund or pay with the tax return if you drastically underpay you may have a penalty.

Answer 6

Pepsi is correct, but with having two jobs you will also need to fill out the portion of the back of the W-4 for 2 jobs or 2 income earning family. You will probably find that you will fill out your W-4's different for both of your jobs.

A good place to help you figure it all out is on the IRS website. They have a Withholding calculator that will help you figure it all out. They go through the process step by step.

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You will not get Child Tax Credit for your 17 year old, but you will for your other child.

Answer 7

head of household is a lower tax rate - Single is the highest tax rate

pers allow - yes 1 for yourself

ee w/h allow cert - ??? are you filling out a W-4 or a 1040?

if you have kids under 14, i believe you get the credit - read the instructions or see an accountant - you have a lot of dollars at stake it you screw up