 TAX HELP I owe but dont have the money to pay it yet. What do I do? |
| I owe over $3000. I dont have it. Can I file my taxes and pay this over time or can I send it in later? What are the laws on this? I need a few months to pay it.... |
|
 Stimulus Checks .... Has anyone received their's yet? |
| Just wondering if anyone had received their "Stimulating money" from the IRS yet. This is what I call it. If so, was it direct deposit or paper?... |
|
 How to know pan without acknowledgement number and coupon number? |
| Actually ours is Partnership Firm, we have PAN but PAN card we lost it. Now how to know pan from the Internet without entering Acknowledgment numbe and Coupon number please inform at the ... |
|
| First person to tell me how much a 24 year old earning £24000 per year? |
and paying £2500 into his pension with £2000 net income from investments is taxed gets 10 points
Additional Details
you dont need any more information to work this out. if you cant ... |
|
 Cash Donations - Deduction Question? |
| I'm doing my taxes now, and I've calculated i've donated almost $10,000 in cash to the homeless in 2007. Did I need a receipt, to be able to claim this? How would I get a receipt ... |
|
 Economic Stimulus? |
| I did not receive any notices in the mail regarding my economic stimulus package and should be getting one. The IRS site has something where you can look "wheres my stimulus" about one week ... |
|
 How to save income tax? Please help? |
Hello All,
I need to save income tax. I need to save the tax, so that i can draw the maximum salary in cash. Is there anyway.. Please help.. My ctc is 250000. Which is the best option and ... |
|
 What is the maximum amount you can legally pay in pennies? |
Or nickels, dimes, etc.?
I have a five figure tax bill coming up and I'd love nothing more than to dump a truckload of pennies in the IRS lobby.... |
|
 I have an unemployment question? |
| I was terminated from my last job for not punching out for one shift and for using the internet. They made me sign two written warnings for it, but when I asked for a copy they refused. Anyways I ... |
|
 Should I provide the irs my bank statements for 2007? |
| I recently got a letter in the mail to be audited. I don't have all my receipts on the items that I claimed on my tax return due to moving and a lot of my forms got thrown away. I tried to ... |
|
 Can I write off my $80,000 investment in my son as a loss on my tax return? |
| I invested at least $80,000 in his university education (tuition fees and living expenses in another city) in his 4-year education. Now, he told me that he does not like what he has studied at the ... |
|
 How do you do your taxes? |
| I'm 18 and I have never actually done it before. I've had atleast two jobs in the past. My parents haven't even done there yet and i'm trying to file for financial aid, what ... |
|
 I worked for a business that was raided by the FBI in November. No tax forms were issued yet.? |
| They seized everything! The company won't be issuing any 1099s or W-2s, so what should I do for my personal taxes? The FBI won't issue these documents, will they? I have no records for the ... |
|
 My roomate wants me to claim 3 of her 5 kids, can i legally do this? |
Additional Details
Also, can I file head of household if she doesn't?... |
|
| House rent being paid to my Father? |
Hello,
I am receiving House Rent Allowance or HRA of Rs.5000 p.m. I am paying this to my Father and providing the Rent Receipts to my company for tax Deduction purposes. My Father has taken a ... |
|
|  |
mommy to my little chunky monkey | Who should claim our daughter in our taxes? |
So my fiance has been working since Oct of 07 steady income but not as much as we will like he will be filling a years worth of 12,000 (roughly). I have been working since July of 08 and will be making half of what he is making.
My question is who should claim my daughter she was born Feb 08 so this will be the first time she will be claimed..I hear the person who makes the most should claim her... or the person who makes the least..ive also heard only the mother can claim her..
i am so confused idk who to believe lol...
any one have any advice or answers? how did you handled it? and how much is the amount given for a new baby?
I live in Chicago, IL...any suggestions?
Additional Details
Thanx for replying..yes we have been living together for 2 yrs now... but are not planning on getting married before this year is over.
Anymore advice? |
 |
 
Bob F
 |
If all three of you lived together since the child was born, either of you can take her. Since your boyfriend made 12K and you only 6K, you would be a lot better off if he took her, which he can.
You will file as Single with no dependents and no EIC so you will get back all of your withholdings for your refund.
He will file as Head of Household with one dependent child and EIC. Between HH and the dependent, he too will get back all of his tax withheld, plus he will get a very nice Earned Income Credit, twice what yours would be since he made twice as much. He would also get some Additional Child Tax Credit which you would not be entitled to at only $6K.
|
|
tomtabuchi
|
the determination of the exemption deduction of the child depends upon the determination of the amount of support required for the child for the year (feb '08 through the ended of dec '08). support consists of the total amount expended to pay for the support of the child, including i.e. room and board, clothing, medical costs, etc. once the total support cost is determined, is is necessary to determine whether the mother or the finance paid more then half of the support costs. the individual paying more than 50% is entitled to the exemption deduction.
there is also the additional question of potential eic and refundable child care credit which is generally dependent upon the dependency claim.
|
|
Judy1
|
Either of you, but not both, can claim her - not true that only the mother can claim her. There's no one answer to which of you should claim her - you'd have to calculate it both ways. You can choose who claims her. Depending on how much your incomes are, sometimes the person with the higher income gets more, or sometimes the one with the lower income. If he made $12K and you made half of that, he'd probably get more from claiming her.
There's no one amount, either - for one child can range from zero to thousands of dollars. |
|
travelguruette
 |
Check out the same question is asked 50x per day. |
|
Simple S
|
mommy to my little chunky monkey,
You claim too much money to be a dependent on his return.
The person with the higher income should claim the child.
He would file as HOH claiming your child and get an earned income credit
You would file a single taxpayer with no dependents. |
|
Eris Discordia
 |
The one who makes the most money because you'll get more back. When you get married, if you both have your own tax returns you should put married single deductions. I think it would be better to have a joint tax return when you get married. You'll get more money back. |
|
chatsplas
 |
You and BF live together and have daughter together. The one with the higher income should claim the child. As long as the child does not provide more than half her own support and she's living with her parents, either could claim her, but the one who makes more has superior right to claim her.
If you earned less than $3500 last year, and neither of you is married to some one else, he could claim you too if you lived together all year. Or if you get married before year-end, you can file a joint return and together claim daughter. |
|
jdubbsgr
|
Due to both incomes being so low, it will not make much difference. If one made $50k and the other made $10k, more often than not you would have the person of a higher income claim her (there are exceptions to this as well, as there is an EIC [earned income credit] that will come into play at lower income levels).
There is no truth to only the mother being able to claim the child. Since yours is a situation that you want to maximize your tax benefit (and not that of a bitter ex-spouse), I recommend sitting down with your tax preparer and seeing who will get the most benefit. It should not take more than several minutes for the preparer to figure this out. If it does, you have the wrong preparer.
The amount given for a child is a $1,000 credit (money in your pocket) as well as another exemption and an increased standard deduction (may or may not matter depending on what your specifics are). It varies for everyone, but the minimal benefit would be $1,000. The EIC, stated above, should also come into play for whoever claims her.
Good luck! |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 2 minutes(s) ago
| | | |
8 | 4 minutes(s) ago
| | | |
8 | 6 minutes(s) ago
| | | |
8 | 46 minutes(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
8 | 7 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 5 day(s) ago
| | | |
8 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
