is it true that the more kids you have the more money you get from the goverment when its time to do taxes?? someone told me you get 1500 a child plus for your spouse. im just curious and trying to prove a point that you dont get more money back than you pay out just because you had a child.
2007-11-12 06:40:57 · 10 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You are right, other things are involved in getting more money. Not simply to have a child. They consider the expenses you have PAID in raising the child for that year, like if you paid for the day care. Your Income is also a considerartion as to whether or not you would get 1500. It is a number on the paper that either goes up or down when figuring out your taxes. Wikipedia is helpful, along with some of the other search engines for obtaining more info on this particular topic to defend you point of view or substantiate your point of view...
2007-11-12 06:52:14 · answer #1 · answered by denise g 4 · 0⤊ 2⤋
You do get more money (or pay less money) if you have more children. A married couple gets more money (or pays less money) than a single person with the same income as the combined income of the married couple, but not necessarily more than the married couple would have gotten if unmarried and each making half of the combined income.
It is not a fixed $1500 per person. The amount depends on a host of factors, including tax bracket, whether you qualify for the earned income credit, etc.
2007-11-12 16:00:28 · answer #2 · answered by StephenWeinstein 7 · 1⤊ 1⤋
You get an exemption for your spouse and for each child, which means that for each, $3400 of your income isn't taxed. This assumes your spouse doesn't have income of his/her own - if they do, their income is added to yours before taxes are calculated on a joint return..
In addition to the exemption for the child, if you have any tax liability, up to $1000 of it would be wiped out by the child tax credit.
Depending on your income, having the child might also make you eligible for an earned income credit.
2007-11-12 15:52:23 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
i am not sure of the amount, but yes you get more money back if you can claim anyone. if you claim head of the household and a child you will. dont go to h&r block. they are the worlds worst!
2007-11-12 14:44:40 · answer #4 · answered by Anonymous · 1⤊ 1⤋
I did. The most I ever got back was like $800.00. I had a child last year and got married, claimed them both and got back about $4,000.00 this past march.
2007-11-12 14:46:14 · answer #5 · answered by Anonymous · 2⤊ 1⤋
You don't get money from the government. You pay less in taxes due to your exemptions.
2007-11-12 14:44:12 · answer #6 · answered by pepper 7 · 3⤊ 1⤋
You do get more tax credits for having dependents.
2007-11-12 14:43:54 · answer #7 · answered by Anonymous · 1⤊ 0⤋
You will never get all the money back - kids cost a bomb and never give it back.
2007-11-12 14:44:48 · answer #8 · answered by rustynail 5 · 0⤊ 3⤋
Depending on your income, you can get more back than you paid in.
2007-11-12 14:44:08 · answer #9 · answered by tone 6 · 0⤊ 3⤋
Truely speaking..i don't know...answer may be...not possible...
2007-11-12 14:44:26 · answer #10 · answered by vashtu 1 · 0⤊ 2⤋