I am single mom to a 2 yr old. My ex has no contact with our daughter, but he does pay support. I work full-time and go to college full-time and pay childcare costs. Should I claim 2 or just 1. Also, does anyone know what I would get back since I do pay all child care costs. Would support factor into any of this? Thanks!
2007-10-23 03:27:42 · 3 answers · asked by mss 2 in Business & Finance ➔ Taxes ➔ United States
Go through the worksheets attached to the W-4. You can claim 2 for yourself and your daughter, then can also claim one or two more, depending on your income, for the child tax credit, so can probably claim up to 4 if you want to without owing at tax time. Depending on your income, you might also be eligible for an Earned Income Credit which would come in your refund.
Child support is not deductible to the payer or taxable to the person receiving it, so has nothing to do with your taxes and is not reported on your return.
If you'll post again listing your total expected income for the year, what you've had withheld so far, and the amount of child care costs you expect to pay for the year, someone can give you a closer answer on what you might get back as a refund.
Just to give an example, if your income for the year will be around $20,000, you'd be likely to get back whatever was withheld, plus an Earned Income Credit of a little less than $2000.
Sounds like you are a very busy person. Good luck all around....
2007-10-23 04:07:34 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You should only claim on your W4 up to what you are entitled to. You can claim 0, 1, or 2. When you actually filed your 2007 taxes you will claim two.. Child support has no bearing on your taxes. He can not use it as a deduction and you do not have to claim it as income. It is different as far as alimony. He could claim it as a deduction and you have to report it. As far as Childcare Care, the most you can get is $3,000 per child and you have to disclose the person or organization that provides the care. You would also be eligible for the Child Tax Credit, Additional Child Tax Credit and possibility the Earned Income Credit. I can not tell you the amounts because your question does not indicate the amounts of your wages, other income or child care expenses.
2007-10-24 01:14:02 · answer #2 · answered by Gary 5 · 0⤊ 0⤋
You can claim head of household since you support your daughter. It's better than single. Claim 2 exemptions and they will hold out less tax from each paycheck. You can go to www.irs.gov and look up child care to find out how that works. You should also be able to take the child tax credit if you owe any tax and you might qualify for the earned income credit, depending on how much money you make.
2007-10-23 04:07:02 · answer #3 · answered by angela 6 · 0⤊ 0⤋
It depends how much money you would like to get back. You could claim 2 and not get a much bigger refund. Which is what the government doesn't want...it's like letting them use your money until it's time to do your taxes. Which is fine if you'd like a good refund, but not so good if you need the money to live on.
You do not get penalized for child support that he gives you, so that is good.
H& R Block has an income tax estimator and so does dinkytown.net...both are great to use.
2007-10-23 03:57:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would claim, single - 2 on your W-4.
as for tax deductions IRS changes their regulations so much that it is best to talk to a tax professional to insure you have the most up to date and correct tax information good luck
2007-10-23 03:37:48 · answer #5 · answered by Jan Luv 7 · 0⤊ 0⤋