Hello, Right now I am not married. I have a fiance and will be a new mommy in May. If we get married oct 2008, i have questions about my taxes. First, is there a tax refund for being married? he said something about getting an extra 1,500 dollars back for being married. What about our child? do we get extra money for that? My soon to be husband makes 35,000 a year. Right now I made zero. When we are married I will probably be working but would not be making more than 30,000 a year probably. Please let me know what is up with tax refunds when you have a child and are married. If i don't work can he claim me as a dependent and get money back for that?
2007-12-12 08:03:29 · 5 answers · asked by ash 3 in Business & Finance ➔ Taxes ➔ United States
Does anyone know how much I would get in a credit or refund for a child or for my husband claiming me as a dependent
2007-12-12 08:24:09 · update #1
Whoever makes less next year is who claims the baby.
2007-12-12 08:06:49 · answer #1 · answered by teal_eyed_girl 3 · 0⤊ 1⤋
Without knowing your entire financial situation, I can't give you an exact answer. But, hopefully I can help lead you in the right direction.
First of all, you can file two ways when you're married - married filing jointly or married filing separately. Typically, most married couples do better to file jointly. No, there is no tax refund for "being married". But, yes you will be claiming your child as a dependent which will be another exemption and then you'll probably have some childcare expenses that can be deducted. Additionally, there are some more credits that you may qualify for depending on how much total income you and your husband earns, etc.
Even if you don't work, you would still be filing a joint return so to answer your question, NO he wouldn't just claim you as a dependent and get a refund - doesn't work that simply. Again, there's not a quick answer to all of your questions. I suggest that you go see a tax professional to answer your questions when it comes time to file your return and to also make sure that you're getting all of the deductions and credits for which you may qualify. Good luck!
2007-12-12 16:15:44 · answer #2 · answered by Michelle 3 · 3⤊ 0⤋
No, there's no $1500 bonus, or any amount, for being married, although depending on your incomes your taxes might be lower filing a joint return than if you were single and each filing a return.
A spouse is not claimed as a dependent, but starting the year you are married you'll be able to file a joint return and take an exemption and a standard deduction for each of you.
For the baby, you'll get a $3400 exemption (that's the 2007 number, will probably be a little higher in 2008 when you can start to claim it) and a $1000 tax credit if you owe that much tax.
2007-12-12 22:36:34 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
On your 2008 tax return you'll get a child tax credit and un-earned income credit but the more you make the less you get. If you make too much you won't receive any.
2007-12-12 16:13:40 · answer #4 · answered by poopykins81 3 · 0⤊ 1⤋
Check out here on tax deductions:
http://www.tax-deductions-info.com/
2007-12-12 17:19:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋