I took awhile off work this year I only worked from Jan-March and then Aug-present and I have a 6 month old baby...My boyfriend has worked all year long. Both our income is less then like 15,000 seperate. I made less this year though...who should claim my son this year? Also how much should we get back for having him?? I am soo confused on everything! Also- since we are in the lower income will we get everything back that was taken out pretty much?
2007-11-06 06:41:05 · 5 answers · asked by *Proud mommy* 2 in Business & Finance ➔ Taxes ➔ United States
wow that is tough
i'm a single mom makeing around 15,000
last year i got back 6,000
but i worked jan thru dec
2007-11-06 06:47:41 · answer #1 · answered by kdrck1 2 · 0⤊ 0⤋
I assume you live with your baby, and that you cannot be claimed as a dependent on another person's tax return. If this is true, you can claim your child as your dependent. You will receive all your withholding back, plus some Earned Income Credit. The EIC can go as high as about $2700. The exact amount you will get depends on your income. Depending on your income, you may also receive the Child Tax Credit or the Additional Child Tax Credit. These credits total up to $1,000.
If the other parent has lived with your child, he could also qualify to claim the child on his tax return. Only one person may claim the child, so you and he would have to decide. Whoever gets a bigger credit for the child would of course give you all a bigger benefit.
If you both are qualified to claim the child but cannot agree, then the parent with the higher income claims the child according to the IRS tiebreaker rules.
2007-11-06 14:52:29 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
If you live together, either one of you but not both can claim the baby on your return. If that person has provided over half of the cost of maintaining the household, he or she can file as head of household - if the other person pays the most, or if you split it evenly, then neither of you can file as head of household. The person who does not claim the baby will file as single.
You'd have to figure your taxes both ways, with you claiming the baby or with your boyfriend claiming him, to see which way gives you the least taxes overall. It can get complicated when EIC is figured in, so without knowing just what each income is, and your living arrangements and who pays for what, nobody here can tell you for sure which will be better.
2007-11-06 19:53:44 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If you go to a decent, competent tax preparer they will figure the taxes both ways and then help you decide what would be most advantageous. If you are doing them yourself I suggest the same thing. Do them both ways (you taking baby/him taking baby) and see who gets the most money. There are too many variables to say at this point. Don't forget that one of you will be able to claim Head Of Household (not both though) and also EIC. This could be worth thousands of dollars so it is worth it to look into all possibilities.
2007-11-06 15:58:14 · answer #4 · answered by ? 5 · 0⤊ 0⤋
you might be better off if your boyfriend claims the child since he had more income - could wind up saving more in taxes since you're not married, you can't file a married joint return - if you live together, he can file as head of household and you can file single - separate returns
2007-11-06 15:45:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋