In a family of 4: parents + 2 kids....if only the parents earn an income, do you list 4 dependnets for tax purposes or do you only list 2, the kids as dependents?
2007-11-10 20:43:23 · 8 answers · asked by Alexandra 1 in Business & Finance ➔ Taxes ➔ United States
The 2 kids are the dependants, the parents who earn an income are the taxpayers, they are not dependants.
2007-11-10 20:48:47 · answer #1 · answered by Honeychild 4 · 0⤊ 0⤋
You have 2 dependents, the kids, but will get four exemptions including one for each of the parents. On your W-4 you can claim 4, or possibly more. On your actual tax return, you'll get 4 exemptions.
2007-11-11 02:24:05 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
Mom and Dad file jointly as taxpayer and spouse (=2 exemptions) and then claim 2 children (2 more exemptions) for a total of 4 exemptions. Each exemption in 2007 will be worth $3400 each.
2007-11-10 21:08:18 · answer #3 · answered by Anonymous · 0⤊ 1⤋
The parents can file return as Married Filing Jointly. Then they get two exemptions for self. Now if they put two kids as dependents on the tax return, they get two more exemptions--that is total of four exemptions.
2007-11-10 23:20:31 · answer #4 · answered by MukatA 6 · 0⤊ 1⤋
The children are listed as dependents.
Also, 4 personal exemptions will be claimed.
2007-11-11 00:46:44 · answer #5 · answered by Steve 6 · 1⤊ 0⤋
You would claim four exemptions. Your name and spouse's name is written in the top of the form and you list your two children underneath. Just read the lines starting at Line 6 (on a 1040) and just follow the instructions.
2007-11-11 12:47:42 · answer #6 · answered by Gary 5 · 0⤊ 1⤋
Children and disabled adults (that meet the qualification guidelines) are considered to be dependents.
http://www.irs.gov/individuals/article/0,,id=121435,00.html
http://www.irs.gov/newsroom/article/0,,id=106189,00.html
Also if you and your significant other file separately, then you both cannot claim the kids on each return. You could claim one each, or one of you claims both. You both cannot claim both kids when filing separately.
If you file joint, then you're all set.
2007-11-10 20:58:54 · answer #7 · answered by Issues 3 · 0⤊ 0⤋
yes! ONLY THE TWO KIDS ARE DEPENDENTS!
2007-11-10 21:00:39 · answer #8 · answered by kriemheld1001 2 · 1⤊ 0⤋