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If child lives with higher income parent who claims on taxes every year?
Wiki User
∙ 14y ago
The parent who is considered the custodial parent.
Wiki User
∙ 14y ago
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Where to enter child's w2 income?
On the child's Form 1040, 1040A, or 1040EZ. A separate tax return must be filed by the child (or for the child if the child is too young). A parent cannot report a child's W-2 income on the parent's tax return. The only time a parent can report a child's income on the parent's return is if the kiddie tax applies and the child's only source of income is interest and dividends.
What is the earning threshold for a child to pay taxes?
The child's income is essentially considered the income of the parent...so it is taxed at their rate, and presumably they have enough income to be taxed.
Does parent claim child's bank account interest on income tax form if the interest is reported in child's name?
yes
How will you entry income from subsidiary in income statement?
When there is a parent child relation available then consolidated income statement is prepared in which expenses and income of parent and subsidiary are shown in one single financial statement due to which net profit or loss for whole organization is shown.
If a dependent child files an income tax return will it affect the parent's US tax return?
Yes
Can I claim earned income credit for my child while the other parent claims him as a dependent?
i think you can
Is a single parent with joint custody entitled to child support if the other parent is married and that income is much higher?
Generally, the parent with the greater amount of physical custody is entitled to child support.
If the non-custodial parent has a higher monthly income than the custodial parent can he get a reduction with the birth of a child to his new wife?
See related link
Where to enter child's w2 income?
On the child's Form 1040, 1040A, or 1040EZ. A separate tax return must be filed by the child (or for the child if the child is too young). A parent cannot report a child's W-2 income on the parent's tax return. The only time a parent can report a child's income on the parent's return is if the kiddie tax applies and the child's only source of income is interest and dividends.
How come a father has to automatically pay for child support and a mother may not if the father is the custodial parent?
A custodial parent may have to pay child support if his income is significantly higher than that of the non-custodial parent based on the non-custodial parent's "parenting time" percentage.
What if custodial parent and non custodial parent claims kids on tax return but it was non custodials turn?
Either or both parties will have a problem with the IRS. In order for a parent to claim a minor child as a dependent he or she must have contributed more then 50% (51% or more) of income required to support the child.
Does receiving child support mean you're the custodial parent?
No, sole custody fathers can also be ordered to pay child support if their income is significantly higher. This is common in California.
If one parent makes a higher income than the other divorced parent does the child automatically go to the other?
No. It depends on a lot of factors. In most situations, the mother gets custody of the child. If the mother is a felon of a drug addict, the child will probably go with the father. Money is rarely taken into consideration unless the mother cannot support the child with her income.
Which parent gets to claim the child on income taxes?
Either
What is the earning threshold for a child to pay taxes?
The child's income is essentially considered the income of the parent...so it is taxed at their rate, and presumably they have enough income to be taxed.
Is your new spouse's income used to calculate child support if you have children together also in nc?
The basic child support obligation is determined using a schedule, based on the parents' gross income. Gross income means a parent's actual income from any source, except benefits received from public assistance programs. Except as otherwise provided, income does not include the income of a person who isn't the child's parent, regardless of whether that person is married to or lives with the child's parent.
Who can file a child on there taxes if the parents was never marriage but both have joint custody who can file?
In general, the custodial parent claims the child for tax purposes. If the court does not make any orders about the tax deduction, then the custodial parent automatically claims the child as a dependent for tax purposes. The IRS income tax rules say that the parent having custody for the greater portion of the calendar year receives the deduction. If the custody time is equal, parents can switch each year who gets the deduction.
