a friend told me that your not allowed to claim more than 2 kids on your income taxes. well what the hell about families with more than 2 kids???
2007-11-29 10:10:45 · 9 answers · asked by nella 2 in Business & Finance ➔ Taxes ➔ United States
1. No it is not true. You claim all your dependents.
2. If you have two dependents, your exemption increases by $6800 (2 x $3,400). It you have three kids, your exemption increases by $10,200 (3 x $3,400), and so on.
3. Your child tax credit increases if you have more kids (that is there is no 2 kid limit).
4. Only your Earned Income Credit is same if you have 2 kids or more than 2 kids.
2007-11-29 18:34:18 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
Wait a minute, lady! You can claim as many dependency exemptions (2007-$3400 per dependent) and credits as long as your dependents are qualifiying persons. Having more than 2 kids is good thing! You can claim child tax credit/additional child tax credit (under 17yrs old), Child and Dependent Care Credit (under13yrs old), Earned Income Credit etc., Do not worry, OK!
2007-11-29 12:44:01 · answer #2 · answered by Q 3 · 0⤊ 0⤋
Poor people collect EIC based on having 0, 1 or 2 qualifying children (no additional money is given out for the 3rd child). Since preparers tend to charge by the number of entries on the forms, many taxpayers will only pay to list the first two children.
Middle Class people claim all of their children.
2007-11-29 10:15:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You receive bad information. You can claim more than two kids on your taxes. As far as "Earned Income Credit" you will not receive any additional credit for more than 2 kids.
2007-11-29 23:35:31 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
Your friend is totally confused. You can claim as many kids as you have that are legitimate dependents.
Where the two limit comes in is for EIC - you don't get a larger earned income credit for over 2 kids.
2007-11-29 10:17:06 · answer #5 · answered by Judy 7 · 5⤊ 0⤋
Your friend is wrong. He's probably confusing the calculations for the earned income credit, which do not increase the amount of EITC for more than 2 children. You should probably count on this friend for things other than tax advice.
2007-11-29 10:23:26 · answer #6 · answered by Knightly 2 · 1⤊ 0⤋
Yes, it's true. And the rest of the children will be turned into donkeys just like the boys in Pinocchio.
In my opinion single people should be the ones getting the tax breaks - not those spitting out child after child after child.
2007-11-29 17:09:05 · answer #7 · answered by Anonymous · 0⤊ 1⤋
visit IRS website: www.irs.gov
2007-11-29 13:50:46 · answer #8 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
Your friend is wrong.
2007-11-29 10:30:49 · answer #9 · answered by npk 7 · 1⤊ 0⤋