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Tax Question

Discussion in 'Members' Lounge' started by JDMPlaya, Jan 29, 2006.

  1. JDMPlaya

    JDMPlaya Senior Member

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    okay my girl and I were talking about filing our taxes soon, last year we had a son..we don't know who should claim him.

    should the person with a bigger income claim him?

    I know nothing about taxes, so let me know how i can get the most money,lol
     
  2. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    whoever made less money should claim him.


    www.taxslayer.com
     
  3. JDMPlaya

    JDMPlaya Senior Member

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    i'll check that out.. I have turbo tax. i haven't used it before tho

    than I can claim myself & head of household right? since she claims him

    oh yea and im not married if that makes a difference..
     
  4. reckedracing

    reckedracing TTIWWOP VIP

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    uh...
    you;re probably better off claiming him if you had a higher income

    you can no longer split the child ie: head of household and she takes the child...

    i would need to actually run the numbers to see which way would get you more money back but i'm guessing you will get more of your with-holdings back as compared to her getting the EIC
     
  5. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    i was just thinking whoever made less would get more back this way.
     
  6. reckedracing

    reckedracing TTIWWOP VIP

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    a single person claiming a child can get 2662 via the EIC from the feds...

    my friend just went through this...
    yearly income of approx 35K, refund = approx 3600+
    and then more from the state...
     
  7. JDMPlaya

    JDMPlaya Senior Member

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    okay.. so whoever made more should claim him?

    im kinda confused.. im sure she will get the EIC

    whats a 2662?

    So I'll be able to claim myself and my kid,

    She'll claim her self and thats it and get EIC?

    hows that work? how much is EIC? Does it flucuate (sp)
     
  8. reckedracing

    reckedracing TTIWWOP VIP

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    2662 is the amount in $ for the EIC of a single person claiming one child...

    if she is over 25 and made less than 11,750 then she can file for the EIC but will only get 50 bucks without claiming the child...

    it depends...
    whoever made more will probably get more money back if they claim the child...

    you can not claim head of household and have her claim the child for the EIC...

    if you claim HOH, you need to list a dependant...
    if she claims EIC with one child, she must list the child as a dependant...

    2 people can not claim the same child...
    new laws for 2005

    hows that work? how much is EIC? Does it flucuate (sp)
    of course if does...
     
  9. pissedoffsol

    pissedoffsol RETIRED

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    jsut do it both ways. it takes all of 5 min to plug in some numbers following the forms
     
  10. JDMPlaya

    JDMPlaya Senior Member

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    okay so basically I just claim myself, and she claims our son.. right, and thats pretty much it?
     
  11. reckedracing

    reckedracing TTIWWOP VIP

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    are you high or something?

    who made more money???

    you or her?
     
  12. JDMPlaya

    JDMPlaya Senior Member

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    lol, no sorry i just woke up..

    i made more money
     
  13. reckedracing

    reckedracing TTIWWOP VIP

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    ok...
    you made more money

    then YOU should claim your child...

    i would still do the tax returns both ways just to double check, but you as a couple will prob get more money back from the gov't if you claim HOH and EIC, as well as claiming your child as a dependant...




    in the past the best way to file for single parents was for the father to claim head of household with one exemption, and then the mother would file for the EIC claiming the child...

    the IRS changed the rules this year, so if the father wants the extra deduction for HOH, then he must also claim the child for the EIC...

    the mother can still file for the EIC if she was over 25 and made less than 11.7K, but she'll only get 50 bucks because she is not claiming the child....
     
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