Home | Links | Contact Us | Bookmark
Financial Forum Search :
   Homepage      News      Financial Topics     Finance Directories      Financial Forum      Dictionary  
Financial Forum    Taxes
Finance Discussion Forum

 Full time to Contractor?
My company will be terminating my full time employment the beginning of the year but would like to keep me on as a contractor. Since it would be on my own, what should I expect being self-employed? ...


 I filed a joint tax return with my wife so why have we only got $900 of the $1500 we should have recieved?
we filed tax on gross $ 21935 and we have one qualifying ...


 Are taxes going to make me poor?
I just really learned about taxes now and I plan on making a salary in between 100k-125k. Now it says there is a 15890 dollars or something plus 28% of everything over 77000. IS that going to make me ...


 Can I claim babysitter paid in my income tax 2007 if I pay my mom?
...


 How much do you pay for gas in your state?
I pay 30$ A week....


 What's to keep me from claiming my daughter on my taxes?
her mother all ready has but technically has no parenting place or legal arrangement for her to take that right.
any advice? should i do it and see what happens? will i have to pay money back ...


 Does the I.R.S. ever "forgive" a tax amount owed?
I was out of work nearly a whole year (2005). I had some stock options that I had to exercize or lose, so I exercized them. The result was what appeared to be a $40,000 gain and after all was said ...


 What's the age limit your parent can claim you for taxes if you're not a student?
my age is 20 and still am being ...


 If I bought an expensive piece of jewellery in Dubai, would I have to declare it at customs and pay UK tax?
...


 What is with the gas prices?
...


 What will you choose for investment (for tax benefit) - Mutual Fund or Fixed Deposit in Bank?
If you have to invest Rs 50,000 for TAX BENEFIT , what would you choose ? Why?
( you can also show a link where comparison betn the two is drawn up)...


 I was susposed to get my income tax refund Friday January 26?
When I call the IRS refund hotline it says it was direct deposited On the 26th but Its not showing up in the bank account.My wages are being garnished at work.Is it possible for them to have ...


 On a salary of 50,00 per year what would be the take home pay per general estimate every two weeks.?
...


 Ex issue and claiming a child?
So my ex and I have a child. We were never married. nor is there an agreement on who claims her when. She lives with me 12 months of the year (he takes her on weekends) and he gives $75/wk for child ...


 Husband has not filed Fed. income taxes since 2002?
He owed that year, but never filed, did not owe in 2003, did not work in 2004 (nothing to report) and did not file in 2005. I just filed his 2006 return, owing $77, and sent it in w/payment. What ...


 Income tax Not married 16yrs old with 6 month old son??
Im 16 and have a 6 month old son i want to know what do i need to claim him on my income tax? how much am i gonna get back? i want to do it wihtout the father getting invovled. please and thank you . ...


 How can i avoid paying tax on dividends?
...


 Stupid Question but : Do I get a tax dedution for any cash gifts (Family?)?
...


 How do I temporarily stop withholding from my paycheck?
I got a big refund last year and would like to have a little extra cash now. How do I temporarily stop my withholding for 2-3 pay cycles?...


 If I (a 22 yr old college student) buy a new computer, can I claim it as a tax write off in 2008?
I am currently trying to decide if I should upgrade to a new computer. If I buy this new computer and claim myself on my taxes, will it be a write-off for me since I am a college student?
A...



egg_sammash
Why Do People Tell Us We Can Only Claim 2 Children?
My husband and I have 9 children together. People are always teasing us about allowing them to claim some of our children on their taxes because (they say) we can only claim 2 of them anyways.
First of all I would NEVER do that, I know they are just teasing but what is this about, (us only being able to claim 2 of our children)??? We have always been able to claim all of our children and don't know what the dickens they are talkin about.

Please only serious answers.
Does anyone have any idea what they mean?
Additional Details
I know that I can claim all 9. We have done that for years now. I just didn't understand why people were saying that as if it was true. Maybe there is some big misunderstanding out there.
                     
 




sylvrrain
You can claim all your children. What they are talking about is the Earned Income Credit. That is where you need two qualifying children to max the credit.
You probably do qualify for the Child Tax Credit or the Additional Child Tax Credit. You could possible get up to $1000 for each child.
Look for your tax advice from a professional or the IRS website at www.irs.gov


♥ Lisa♥
go to irs.gov for the most accurate and up to date answers about taxes

http://www.irs.gov/individuals/parents/index.html


roscoedeadbeat
Plain and simple -they are wrong. You may claim as many children as you have.


Wayne Z
Rating
They may have been confused with the Earned Income Credit which maxes out with two kids.

For people with very low income, only two kids are needed on their return to max out the refund but for most people, it pays to get every deduction that you can.


Ginger P
Rating
I am one of eight children and my dad has claimed all of us for as long as i can remember.


Mobius
Maybe they are just joking but maybe they are getting confused with the separate credit some people (head of household?) can claim for dependent children. As one responder mentioned, you can wade through the IRS website (www.irs.org, not .com) or talk to your tax preparer. You can even talk to the IRS, either by phone or by e-mail from the website. I've used the e-mail method and it worked o.k.


Betsy
Rating
I'm not sure if there are limits on teh number of exemptions, although I dont believe there are. BUT for the EARNED INCOME CREDIT the limit is 2.


Connie K
I am not sure why people say that. I know that if you provide most or all of the support for the children, you can claim them.


Smart1
You are only allowed to claim 2 children for the purposes of Earned Income Credit. This is the big credit where you can get a refund even if you didn't pay any taxes.
You can still claim all of your children as dependents for other various credits and deductions.


Judy1
You obviously can claim the total number of children that you have. They're probably talking about the earned income credit. For people who are eligible for that, the amount of the credit is different if you have no kids, one kid, or two or more - you don't get extra EIC for more than 2.


SarahLuvsHead
Rating
From what I hear they changed some stuff, my sister has 4 children, they told her she will only get money for 2 of the 4.


cyanne2ak
There is a limit on how many kids you can claim on your taxes (both federal AND state) each year. However, it is more than 2. Infact, it tells you on the form how many you can claim. I think it's 4, but I may be wrong. I do know that you can't claim all 9 kids.


 Enter Your Message or Comment


User Name:  
User Email:   
Post a comment:







Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.034
Copyright (c) 2011 Financial Crisis Tuesday, May 29, 2012 - Terms of use - Privacy Policy