i am a single mom and need all the help i can get this year
thanx in advance, any help is appreciated.........
2007-12-26 13:11:01 · 7 answers · asked by tatw2004 1 in Business & Finance ➔ Taxes ➔ United States
You only get the two on the return. There is no additional money for claiming the third. I have some clients who have ex-spouses that claim the kids for earned income credit fraudulently, so we just have to figure out which of the kids have not been used and get as much as we can for the fast refund and then amend the return with proof a second child lived with you for more than 6 months (and that no one else has a higher claim). If you are entitled to the whole amount, you will get it, but it may take awhile to process. The advice about going to H&R Block is a good one if you do not know what you are doing, worth the money if you've never done it before. Try to get someone with a few years experience, though and go in early January when they have more time to work with you and explain everything. You can bring the W2 in later in the month and finish the return very quickly (make an appointment before going in as well). You may even qualify for the new Approve Online option which saves you a trip back into the office.
2007-12-26 13:46:56 · answer #1 · answered by Patrick S 3 · 0⤊ 1⤋
Two separate issues here.
You claim all of your dependents on your return. Those dependents may or may not qualify you for the EIC or affect the amount you can get. It's entirely possible to have any number of dependents and NONE of them qualify you for the EIC.
For the EIC, the credit is based upon the number of dependent CHILDREN are living in your home with you. The credit rises up to 2 children and stops rising at that point.
2007-12-26 14:30:08 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Your income is going to determine if you are eligible for the earned income credit. It starts phasing out at a certain point. You can claim as many as you want as exemptions if needed, but if you are eligible EIC will only take into account 2 of your dependents.
2007-12-26 15:30:05 · answer #3 · answered by BOOP! 2 · 0⤊ 0⤋
You will claim 4 personal exemptions (yourself, and 3 kids) which is worth $3,400 each. $13,600. But for the earned income credit you are going to get paid up to 2 kids based on your earnings (wages). You fail to mentioned if you had worked in 2007. If you haven't work at all this year then you will not get any Earned Income Credit.
2007-12-27 00:37:02 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
You claim them all as dependents on your tax return, but for EIC there is an amount for your income and filing status with one qualifying child, and an amount for two or more children. When you use the lookup table, it's the same for 2 kids, 3 kids or 15 kids.
2007-12-26 14:49:19 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
You claim all of them. The amount of the refund may or may not change between claiming 2 or three dependents, but you should still claim all of them.
2007-12-26 13:30:11 · answer #6 · answered by Anonymous · 1⤊ 1⤋
Go to H & R block it will pay off.
2007-12-26 13:34:56 · answer #7 · answered by Anonymous · 0⤊ 2⤋