I was told we can only claim 2 children max. We wanted to file Married filing Jointly. We are in Florida Should we file Separately so we can claim all 3 kids?
2007-11-19 13:55:31 · 9 answers · asked by Jesse T 1 in Business & Finance ➔ Taxes ➔ United States
Nope the best rate you can get is Married filling jointly...The worst rate is for married filing seperately...
2007-11-19 14:04:45 · answer #1 · answered by brookethestylist 3 · 0⤊ 0⤋
First of all as long as you can prove all of the other requirements for claiming the children there is no max on how many children you claim. I have some clients that have 5-6 children and claim them all as dependents. Now the questions is about some credits. Depending on your income earned income credit might be what however you were talking about was thinking about. Earned income credit has an amount that you get for 0 children 1 child and 2 or more children. So for earned income credit you will not get any more for 3 children then for 2. There are other credit that you can get, child tax credit is a max of 1000 per child.
Of course without know the particulars about your tax situation it is hard to say exactly what of each credit that you will qualify for.
2007-11-19 14:37:23 · answer #2 · answered by keetonsmom 3 · 1⤊ 0⤋
You have received some bad information. Only two children is consider for Earned Income Credit purposes. Claim all of your kids on your taxes. You should have five exemptions, yourself, spouse and 3 kids. This will amount to $17,000 plus your standard deduction of $10,700. That is $27,700 that is taken out for tax purposes. Married filing separately is the least desirable filing status to use. File your taxes "Married Filing Jointly'.
2007-11-22 01:29:00 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
Only two kids? That would be a pain most places but an absolute disaster in Utah. Don't plan on it happening. Besides child care credit, two children is the maximum you can put into the calculation for earned income credit unless you chose married filing separately then the maximum you can use is zero. If you are entitled to EIC, separate filing is a no no.
2007-11-19 15:12:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should be able to claim all three of your children as long as they are qualified dependents (live with you, you pay more than half their support, etc.).
Married filing Jointly is the best way to go.
And, seek a better accountant!
2007-11-20 06:39:42 · answer #5 · answered by nicknameyo 3 · 1⤊ 0⤋
On a joint return you can claim all the kids, it's only limited by how many you have. The earned income credit is where the limit of two comes in, and you can't claim that at all if you file separately.
2007-11-19 14:22:45 · answer #6 · answered by Judy 7 · 4⤊ 0⤋
considering the fact which you're sensible sufficient to make surprisingly much a 100K a 300 and sixty 5 days it may well be an somewhat sturdy concept to bypass to IRS.GOV and acquire or order a loose Pub 17 to study so which you will make extra cautioned judgements appropriate to the money. i be responsive to my undertaking so i will inform you good up front; in case you're married you may't record "unmarried". in the experience that your status is married on the stroke of ineffective night on December thirty first the IRS perspectives you as married the full 3 hundred and sixty 5 days. Married, submitting seperate is geared up that one significant different has debt or problems and the different significant different does no longer want to be related in any way, shape or style. Married, submitting seperate additionally removes various products enjoyed through joint filers. study the relevent aspects of the Pub 17.
2016-10-17 11:24:09 · answer #7 · answered by ? 4 · 0⤊ 0⤋
On your joint return you claim 3 kids. You will get 3 time $3,400 exemption deduction. If you are eligible you will get $3000 Child tax credit ($1000 for each kid), and Earned Income credit.
2007-11-19 18:21:37 · answer #8 · answered by MukatA 6 · 0⤊ 0⤋
Do the math both ways and select the method that serves you best.
And PLEASE, check on that 2 child limit or better yet look at the pamphlets and tax forms. I did volunteer tax work for low income families for several years and I have never heard and such limitation on any state forms that I worked with and unless the Feds changed it this year it has never been limited on the Federal returns.
Email my profile if you have any other questions. I'm in California but I bet I could read the stuff for Florida on line. Of course you can do it also...
2007-11-19 14:13:05 · answer #9 · answered by gimpalomg 7 · 0⤊ 2⤋