I am having my first baby May 08. I know I can't claim until next years taxes. I was trying to get a ball point estimate on how much I would get back. I live in California, live with my father. I am 21 years old. I am a single mother. Let's say for 2008 I would only make around $3-4000 for the year? Anyone have any ideas?
2007-12-14 07:16:03 · 4 answers · asked by laceypoo86 1 in Business & Finance ➔ Taxes ➔ United States
If your income is less than $3500 and your father pays for more than half of all of your expenses, your father may be claiming BOTH of you.
If your income is $3500 or more, then you will be claiming the baby. At $4000, you won't have any income tax, but may get a small amount of earned income credit.
2007-12-14 16:38:36 · answer #1 · answered by Anonymous · 1⤊ 0⤋
At that income you wouldn't owe any tax, so the exemption for the baby and the child tax credit wouldn't give you any benefit since they can only reduce your tax to zero, and yours are already zero.
Will you be a full-time student in 2008? If so, your father can claim you as a dependent, so you can't claim a dependent although he'd be able to claim the baby as well as claiming you. And even if you aren't his dependent, he could claim the baby as a dependent if you don't. If you claim the baby, you'd be eligible for an Earned Income Credit of around $1000-$1400 depending on your earnings.
2007-12-15 03:14:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
With that little income, you may not have to file a return at all. You should file a return if you paid any tax and can get a refund. Your income would have to be above $8,000 to require a tax return if you file as a single person or head of household. With a child you may qualify as head of household.
2007-12-14 15:24:13 · answer #3 · answered by Anonymous · 0⤊ 1⤋
They give me $3000 per child I have 2 so last year I got 7,000 back
2007-12-14 15:23:34 · answer #4 · answered by Whatdoido 2 · 0⤊ 3⤋