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Mr.Snrub | How do my federal taxes change when I have kids? |
Please bear with me. I'm a bit slow on understanding our tax system. It's a bit confusing to me for some reason.
We are planning on starting a family in the future and I wanted to know what a child does to our taxes if we file jointly as a married couple.
I obviously don't want to post my income #'s on the web, but is there any way someone could give me some sort of approximate calculation to figure out what tax savings I would get in my pocket when we have a kid?
Would this tax savings be refunded to me with my yearly tax return or would I see an increase in my take home pay when I add a dependent?
We're trying to budget for a family and every bit of increased income I can account for will be a huge help. |
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Michael K
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There's a great article on kiplinger.com that talks about all the potential tax benefits of having children.
From earned income tax credit (at the low end of the income spectrum) to the increase in dependency exemption ($3,400/child for 2007) and the $1000/child under 17 child tax credit (again 2007 figure). Dependent care credit (if you pay someone else to watch your child so you and your spouse can go to work). You will also be able to claim credits when it comes time to pay for college :)
You can read all about the possible tax credits (and costs) at the link below.
http://www.kiplinger.com/features/archives/2007/01/childtaxopedia.html
I hope that helps. |
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lunatic
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Go to IRS.gov or your employer and pick up and fill out a Form W4. Each child will be considered a dependent.
In addition, make a copy of your 2007 return and fill it in as though you have a child to see how much less tax you will be paying.
Of course, the increase in health-care and everyday expenses will increase much more than you save in taxes. |
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mommyme
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once you have a child you will change your tax witholdings at work. From Married 0 dependents to Married 1 dependent. this will help you bring home a little more every month. then when you file your taxes you can claim the child tax credit. You can also count off any child care expenses (if you use a daycare) |
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Judy1
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If you are in a 15% tax bracket, you'd get an exemption that would save you $3500 * .15 or $525 in income tax if you owe that much.
If you still owe income tax after that deduction, up to $1000 of it is wiped out by the child tax credit.
Separate from the above, and whether you owe any tax or not, if your joint income is under around $40,000 for the year, you will probably be eligible for an earned income credit. The amount of that varies from $3 to almost $3000 depending on your income.
If you change your W-4 to reflect having this dependent, the savings or at least part of it will show up in your paycheck. If you don't change your W-4, it would be refunded when you file your return. |
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ignatz
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It will give you 2 dependent deductions. How much will depend on various other factors, but it will save you money on your taxes.
Ha! But the 2 kids will cost you more than you will ever save for the rest of their lives.
You can get more details from either a tax preparer, a do it yourself book, the IRS on line or a family member/friend who has 2 kids. |
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jxt299
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There is a deduction for every child, I think it was recently raised from $2000 each, it would be very easy to check on the IRS page. You deduct the amount from your income calculation so you pay less if you drop into a lower bracket. |
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Emily C
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I believe you get more deductions which lower your taxes further; and you may also be eligible for family child credit. They will not send you a refund! Having a child allows more deductions and credits.
I don't know the approximate amount, and the info on your tax return. Too many unknown variables to be able even to guess or approximate.
Happy family ! :) |
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mls
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You will now get a refund back each year. I had a girl this year too!
You can change you state or fed to 1 or 2 dependants, you get more back in your check each pay, but less at the end. If you leave it 0 you will get it all back at the end. That is what i do!
But everyone is different and you know your financial situation. Talk to your tax advisor.
I was told $600 back for her next year. But i have heard more, so i guess it all depends on each individual. |
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♥~*Momma Bear*~♥
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It will not affect your take home pay. It will give you a break on your yearly federal/state taxes. |
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