me and my fiance are not sure about if we should both claim our son. or does just one of us claim him? I am little confused. if only one claims him, who should claim him...the one who makes the most or least?
2007-12-16 11:43:31 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
so if my child wll only be 11 weeks in 2007 does that mean i cant claim him?
2007-12-16 12:11:58 · update #1
Please see IRS publication 501. The new rules (they changed in 2005) require (in addition to citizenship/residency and the child not being married):
1. That a qualifying child not provide more than half of his own support.
2. Be under the age of 19 or under 24 and a full time student.
3. Live with the taxpayer for more than 6 months.
Since both you and your fiance presumably meet these tests, you can "choose" who claims him. If both parents try to claim him, the taxpayer with the greater AGI wins.
The requirement that the taxpayer provide more than 50% of the support comes into play either with divorced/separated parents or qualifying relatives. If your child is a qualifying child, they can't be a qualifying relative.
2007-12-16 12:05:26 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The person who can claim the child as a dependent for tax purposes is the one who is providing more than 50 percent of the child's upkeep. It does not matter who makes more money. The only way you can both claim him is to file a joint return, but you cannot do that if you are not married.
If you are both on friendly terms, you could calculate the tax returns with each claiming the child and also each not claiming. Then see which approach results in the smallest tax and split the difference between you.
For example, your tax is $500 with a dependent and $600 without. The other person's tax is $1000 with a dependent and $1150 without. In that case the other person should claim the child and pay you $25 (half of the $50 tax saving.)
2007-12-16 19:56:01 · answer #2 · answered by Anonymous · 1⤊ 2⤋
If two of the persons are parents of the child, they do not file a joint return together, and the child lived with each parent the same amount of time during the year, then the parent with the higher adjusted gross income (AGI) can claim the child.
Read IRS Publication 17: Your Individual Income Tax; Chapter 3--Exemption for Dependents (Special Test for Qualifying Child of More Than One Person)
www.irs.gov
2007-12-17 06:52:00 · answer #3 · answered by MukatA 6 · 0⤊ 0⤋
Two people can never claim the same dependent. If both of you and the child all live together, you can choose which one of you claims the child. If only one of you lives with the child, then that's the person who can claim him.
Figure your taxes both way to see which way you pay the least tax overall. It's not always obvious which way will be best, especially if one or both of you would be eligible for EIC.
2007-12-16 22:31:27 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Only one person can claim him. The one who provides more for him should be the one who gets the deduction.
2007-12-16 19:49:57 · answer #5 · answered by Anonymous · 1⤊ 1⤋