we both have worked this year i recently had a baby on aug 29 and he wanted to claim the baby i disagreed . he thinks if he dosent claim the baby i should give him a cut for tking care of the baby because we both do .
we have been together 2 1/2 years,hes a really great guy, takes goog care of the baby
2007-09-11 08:37:50 · 13 answers · asked by firstborn_1101 1 in Business & Finance ➔ Taxes ➔ United States
Next year, figure your taxes with and without the baby for each of you, and file whichever way gives you more money. It is also possible to split the tax benefits for the child, with the custodial parent taking the exemption and child tax credit, and the other parent taking the Earned Income Credit.
The Earned Income Credit is supposed to benefit the child. If you spend the refund on the child, that is the best use of the money. If you have a little extra, put it in the bank for an emergency for the child.
2007-09-11 08:44:58 · answer #1 · answered by ninasgramma 7 · 2⤊ 1⤋
Together you 2 should consider giving this money to the baby. Start a savings account, put it in to a 429 plan for college, or maybe buy savings bonds for the child. The money will come in a one lump sum so just put it away for the child. Yes you both are taking care of the baby and I am sure your both caring parents. Though if you really want to decide on what to do with the money instead of just handing it over, purchase something for all of you with it.
2007-09-11 09:07:42 · answer #2 · answered by Dee 3 · 0⤊ 0⤋
If you are receiving the earned income credit, you should be aware that this is a welfare benefit for low income families with children. It is intended to help care for the child. The custodial parent should use it to take care of the baby, not to run out and spend, or to "share" with another adult. Save the money so you can use it for the baby's care throughout the next year.
2007-09-11 16:37:51 · answer #3 · answered by figment_usa 5 · 0⤊ 0⤋
At the moment, I cannot recall the form number and if memory serves me correctly, the IRS has a multiple support agreement form which would entitle both of you to obtain some tax relief for supporting this child. However, if you are living together and are married, this whole question becomes a moot point. Generally, whoever provides more than one-half of a dependent's support is entitled to claim that person as a dependent, provided a few other criteria are met.
2007-09-11 09:12:46 · answer #4 · answered by RUSerious 7 · 0⤊ 1⤋
Keep the money, you provide most of the care. you are the one up with the child in the middle of the night. You will be the one late when he misses the buses. You will be the one who kiss the scrapped knee. you are the one that will not get to go out because you do not have a baby sitter. You are the one that will have to take him door to door to sell his baseball candy. He might be a great dad. But you should keep the money. If you feel like giving away money, put it in a college fund for him, you will need it to send him to a good college.
2007-09-11 09:17:07 · answer #5 · answered by Lakeside5 2 · 0⤊ 0⤋
I think that if you both take care of the baby and live as a family you should share the cash.But don't just hand over a bunch of money-pay ahead on the rent you share, car payments,insurance,or maybe up-grade that old fridge or the living room furniture.And if your lucky enough to have any left over,find a babysitter and take the weekend together!
2007-09-11 08:52:01 · answer #6 · answered by byhisside4ever 2 · 0⤊ 1⤋
Absolutely not! Do not do it. He is taking care of the baby because he is the father and that's what fathers are supposed to do. He doesn't get paid for it, for god's sake!
2007-09-11 08:46:33 · answer #7 · answered by legalchick791 5 · 1⤊ 0⤋
Why can't you both take an exemption? Isn't this a similar case to the "married, filing separately" situation? Or, I'm not sure if it is different if you are not married. Better ask the IRS, they have a website for tax questions.
Ask if both parents are living together but not married, what exemptions are appropriate. Good luck.
2007-09-11 08:47:33 · answer #8 · answered by greengo 7 · 0⤊ 3⤋
HEy that is my daughters bday also, congrat!!! do what you think is best! YOU CARRIED the BABY FOR AS LONG AS YOU DID NOT HIM , your not married so you DON"T have to. open a savings account for your baby, that is what i did!!! NO one could take from it and she got interest with it, so incase something happend she had money.... think ahead...
2007-09-11 08:46:00 · answer #9 · answered by mommy 4 · 0⤊ 0⤋
That's "baby's" father and yes, if he helped care for the child financially, emotionally, and/or physically then he should be entitled to some of the tax refund for the child he helped create and is helping raise.
2007-09-11 08:45:51 · answer #10 · answered by . 7 · 0⤊ 3⤋