0
Should you file for child tax credit if you made less than 950 or let fiance claim you both only as dependents?
You should NOT have to ask someone what you should do in your situation.
You should do what you want to do as long as all of the rules are met.
For your fiance to be able to do this claim you and your child, as a qualifying relative dependent on your fiance 1040 federal income tax return ONLY IF everyone meets all of the rules for this purpose.
Your fiance would know if fiance meets all of the rules to claim you and your child as a qualifying relative dependent on fiance 1040 federal income tax return.
For all of the rules go to the IRS gov website and use the search box for PUBLICATION 17 go to chapter 3. Personal Exemptions and Dependents
Qualifying Relative
There are four tests that must be met for a person to be your qualifying relative. The four tests are:
1. Not a qualifying child test,
2. Member of household or relationship test,
3. Gross income test, and
4. Support test.
Age Unlike a qualifying child, a qualifying relative can be any age. There is no age test for a qualifying relative.
Each test is explained below and you will also find the worksheet that you can use to determine if the support test is met.
Gross Income Test
To meet this test, a person's gross income for the year must be less than $3,650.
Gross income defined.
What else can I help you with?
What tax amount will you save claiming 2 children dependents?
Claiming two child dependents can significantly reduce your taxable income, allowing you to save on your tax bill. For tax year 2023, the Child Tax Credit is up to $2,000 per qualifying child, which could mean a total credit of $4,000 for two children. Depending on your overall tax situation, this credit could result in a reduction of your tax liability by that amount or potentially increase your refund if you qualify for refundable portions. However, the exact savings vary based on your income, filing status, and other deductions or credits you may be eligible for.
There is you your husband and your 2 kids who do you claim as a dependent?
Obviously you will claim your 2 children as dependents. It also depends on the childrens ages. They have to have resided in your residence for more than 6 months out of the year. You will eventually receive a child tax credit for them. If one of the children attends daycare, or you pay after school or daycare for that child, if you have paid out enough, you may be able to obtain the Child Dependant Care Credit. Check into it!
Can you get a tax refund if you claim dependents but don't have any claimable income?
No, you cannot. For supporting a dependants you may get a non - refundable tax credit, which is always calculated over your tax due. In other words- no taxes to pay, no tax credit for the dependant. But, if you speak about a child up to 18 years old, you might be eligible for CTB (child tax benefits) or Universal child tax benefits.
Can you deduct more than 5000 of child care off your taxes?
You figure your child/dependent care credit on up to $3,000 actual expenses for one child/dependent or up to $6,000 actual expenses for two or more children/dependents. Form 2441 is Child and Dependent Care Expenses. The amount of the credit is entered on line 48 (Credit for Child and Dependent Care Expenses) of Form 1040 or on line 29 of Form 1040A. For more information, go to www.irs.gov/taxtopics for Topic 503 (Child and Dependent Care Expenses). Also go to www.irs.gov/formspubs for Publication 503 (Child and Dependent Care Expenses).
How much can you earn to get a full refund from taxes?
That's impossible to say. It depends on your deductions, exemptions (dependents), what credits you are eligible for (EIC, child tax credit, additional child tax credit, saver's credit, making work pay credit), which of the 250 million different education benefits you are eligible for, whether you lived in a natural disaster zone or took in a refugee from a natural disaster zone, where your income was from (capital gains, qualified dividends, self-employment), and a whole list of other factors too large to list or remember.
How do dependents lower taxes?
Dependents can lower taxes by allowing the taxpayer to claim certain deductions and credits, such as the Child Tax Credit or the Dependent Care Credit, which can reduce the amount of taxable income and overall tax liability.
How much money should you get if you give your baby as dependent to another person to file taxes?
$3500 is the exemption for each dependent. $1000 is the child tax credit for kids under age 17. For kids under 17 that are your dependents you qualify for both the exemption and the credit. Note: Only the person filing the child as a dependent will receive the money.
Which websites carry information on child tax credit?
Filers who have certain child dependents with an IRS Individual Taxpayer Identification Number (ITIN). If you are claiming a child tax credit or additional child tax credit for a child identified on your tax return with an ITIN instead of a social security number (SSN) or adoption taxpayer identification number (ATIN), you must complete Part I of Schedule 8812 (Form 1040A or 1040). Although a child may be your dependent, you may only claim a child tax credit or additional child tax credit for a dependent who is a citizen, national, or resident of the United States.
How can you tell if your fiance is ready for a child?
Ask him!
What tax amount will you save claiming 2 children dependents?
Claiming two child dependents can significantly reduce your taxable income, allowing you to save on your tax bill. For tax year 2023, the Child Tax Credit is up to $2,000 per qualifying child, which could mean a total credit of $4,000 for two children. Depending on your overall tax situation, this credit could result in a reduction of your tax liability by that amount or potentially increase your refund if you qualify for refundable portions. However, the exact savings vary based on your income, filing status, and other deductions or credits you may be eligible for.
You are 17 and pregnant and your fiance is in jail what should you do?
not marry him...and make him pay child support...honestly, do you really wanna be with someone who is going to be in and out of jail..
Pay Attention to the Child Tax Credit?
The Child Tax Credit can provide some great relief to families. If you have a child or more than one child, you may be able to claim up to $1,000 per child. There are some rules to be aware of when trying to take advantage of this credit. First, all of the children in your household must be under the age of 17. Second, the children must be declared as dependents on a tax return. Third, you must not be able to make more than $55,000 a year as a married couple. If you do make more than this amount, you can't use the credit.
How long should you carry insurance to protect your children?
You should carry insurance on your children until they are old enough to get insurance on their own. This is usually when your child graduates college. As long as your child is a full-time student and one of your dependents, then you should be able to carry insurance on them.
Where is ben markowitz now?
he lives with his fiance and his new child
There is you your husband and your 2 kids who do you claim as a dependent?
Obviously you will claim your 2 children as dependents. It also depends on the childrens ages. They have to have resided in your residence for more than 6 months out of the year. You will eventually receive a child tax credit for them. If one of the children attends daycare, or you pay after school or daycare for that child, if you have paid out enough, you may be able to obtain the Child Dependant Care Credit. Check into it!
Can you get a tax refund if you claim dependents but don't have any claimable income?
No, you cannot. For supporting a dependants you may get a non - refundable tax credit, which is always calculated over your tax due. In other words- no taxes to pay, no tax credit for the dependant. But, if you speak about a child up to 18 years old, you might be eligible for CTB (child tax benefits) or Universal child tax benefits.
Who gets child benefit n child tax credit?
Child Tax Credit is paid to the person registered as the carer of the child. Only one household can get Child Tax Credit for a child. If you share responsibility for a child and you can't agree who should claim you can both apply. The Tax Credit Office will decide for you. -------------------------- Child benefit is paid to a person responsible for a child. (You'll usually be responsible for a child if you live with them or you're paying towards looking after them.) Only one person can get Child Benefit for a child.
