tax questions?

Question

hello, my fiancee is planning to file 1099 taxes. I was wondering for whom it is better to claim our child, me or him. I worked on a part time basis last year so my income is less than his. Which one of us would get a better refund, if any. I also go to school too.

Answer 1

Not enough information to give an accurate answer. It depends upon some facts not presented. Here are just a few scenarios:

Do you live together, is your fiancee the child's father, and does the child live with you both? If so either of you can claim the child as a dependent. You should figure your taxes both ways to see which way provides the best benefit.

If your fiancee does not live with you and the child but is the child's father, you must give him a Form 8332 for him to claim the child and he must attach the form to his tax return.

If your fiancee is not the child's father he may not claim your child regardless of the living arrangements.

Answer 2

The best answer, if you have time, is to fill out the returns both ways, and then file whichever gives you more money.

Typically, but not always:

1. If you both make fairly little, the effect on the earned income credit will be the most significant. It would be better for whichever person will get a larger increase in their earned income credit to claim the child.

2. If you both make to much to claim the earned income credit, it is better for the person in the higher tax bracket (usually, but not always, the person with more income) to claim the child.

Answer 3

Can't tell - not nearly enough info. I'd suggest figuring your taxes both ways - the person who would get the most back for claiming him can then claim him.