Tax credit for children?

last year i separated from my husband.we have two young girls.i now live in an appartment with one of the girls and the other lives with her dad at his mothers house.last year my husband hardly worked,i don%26#039;t even know his earnings. he never showed me his check when he did work. i worked and paid most bills and medical insurances. can i claim both the girls on my tax return?? thank you

Tax credit for children?

Sounds like it, if your ex agrees in writing. This is what IRS has to say:

Children of divorced or separated parents. In most cases, because of the residency test, a child of divorced or separated parents is the qualifying child of the custodial parent. However, the child will be treated as the qualifying child of the noncustodial parent if all four of the following statements are true.

The parents:

Are divorced or legally separated under a decree of divorce or separate maintenance,

Are separated under a written separation agreement, or

Lived apart at all times during the last 6 months of the year.

The child received over half of his or her support for the year from the parents.

The child is in the custody of one or both parents for more than half of the year.

Either of the following statements is true.

The custodial parent signs a written declaration, discussed later, that he or she will not claim the child as a dependent for the year, and the noncustodial parent attaches this written declaration to his or her return. (If the decree or agreement went into effect after 1984, see Divorce decree or separation agreement made after 1984, later.)

A pre-1985 decree of divorce or separate maintenance or written separation agreement that applies to 2006 states that the noncustodial parent can claim the child as a dependent, the decree or agreement was not changed after 1984 to say the noncustodial parent cannot claim the child as a dependent, and the noncustodial parent provides at least $600 for the child%26#039;s support during the year.

Custodial parent and noncustodial parent. The custodial parent is the parent with whom the child lived for the greater part of the year. The other parent is the noncustodial parent.

If the parents divorced or separated during the year and the child lived with both parents before the separation, the custodial parent is the one with whom the child lived for the greater part of the rest of the year.

Example.

Your child lived with you for 10 months of the year. The child lived with your former spouse for the other 2 months. You are considered the custodial parent.

Written declaration. The custodial parent may use either Form 8332 or a similar statement (containing the same information required by the form) to make the written declaration to release the exemption to the noncustodial parent. The noncustodial parent must attach the form or statement to his or her tax return.

The exemption can be released for 1 year, for a number of specified years (for example, alternate years), or for all future years, as specified in the declaration. If the exemption is released for more than 1 year, the original release must be attached to the return of the noncustodial parent for the first year, and a copy must be attached for each later year.

Divorce decree or separation agreement made after 1984. If the divorce decree or separation agreement went into effect after 1984, the noncustodial parent can attach certain pages from the decree or agreement instead of Form 8332. To be able to do this, the decree or agreement must state all three of the following.

The noncustodial parent can claim the child as a dependent without regard to any condition, such as payment of support.

The custodial parent will not claim the child as a dependent for the year.

The years for which the noncustodial parent, rather than the custodial parent, can claim the child as a dependent.

The noncustodial parent must attach all of the following pages of the decree or agreement to his or her tax return.

The cover page (write the other parent%26#039;s social security number on this page).

The pages that include all of the information identified in items (1) through (3) above.

The signature page with the other parent%26#039;s signature and the date of the agreement.

Tax credit for children?

Either one of you can claim your girls...as long as both of you dont try to. If the IRS catches both of you claiming them for the child tax credit or the earned income credit you will have to repay that plus penalities. I would talk to your ex and find out what he plans on doing and if he is going to try and go after the money that you would get back if you claimed them. I would check with his mother also and find out if SHE might be trying to claim the one that lives there. Some might say it depends on what percentage of the year the child lived with you, but its mostly dependent on who provided all of the financial support for the child.

Childcare element of tax credits des it come out of your child tax or do you get more money?

There are two ways to get the tax credit for childcare expenses. One is to use a Dependent Care Account that is funded through pre-tax dollars and you draw it down throughout the year.

The other is to claim expenses on your tax return that were NOT funded through pre-tax dollars. So if you set up $2,000 in a pre-tax account, and actually spent $3,000, you could apply the excess $1,000 to the tax credit worksheet and offset some of your tax that way.

The same expenditures are not used for both ways of funding.

Childcare element of tax credits des it come out of your child tax or do you get more money?

no it doesnt come out of your tax credits.

It is paid directly to whoever is looking after your child, or it is paid in the form of vouchers which you give to the carer

Childcare element of tax credits des it come out of your child tax or do you get more money?

Basically the Child Tax Credit and the Dependent Care/Expenses Credit are just that---credits to reduce the amount of your taxes that you owe. If yours is big enough, it may bring your tax liability down to zero. It will not give you a tax refund in itself--so NO, it won%26#039;t give you more money! But, the Additional Child Tax Credit will actually give you a refund if you qualify. Just fill out the worksheets and see.

Childcare element of tax credits des it come out of your child tax or do you get more money?

Assuming you are in the UK? Childcare credits are paid directly to you and you are then responsible for paying you nursery/childminder. They are separate from child tax and working tax credit and these should not be affected. I personally receive the childcare element for my 2 youngest children and i also run a nursery where we never receive payments directly from HM revenue and customs they just confirm with us if the child attends etc.

What exactly am I supposed to send.... reguarding the U.S income tax return?

The university asks for %26quot;A signed copy of the 2007 federal income tax return, including all schedule and W-2%26#039;s%26quot;

so just the little W-2 form, the 1040 Form and the schedule C-EZ, Schedule SE, and Schedule EIC?

what about the forms labeled- 8812 (Add. child tax credit), the IT-201 Form (Resident income tax return) and the IT-213 (Claim for Empire State Child Credit)

Thanks, I%26#039;m really confused

What exactly am I supposed to send.... reguarding the U.S income tax return?

Yes, only send them what they%26#039;re asking for -- just the 1040 form, schedules, and W-2s.

The information from the other forms you mentioned is carried over to the 1040 or schedules already.

The university is apparently not interested in the details of how your parents calculated those amounts, simply how they reported those amounts.

Do you get credit on your tax return for child support payments made?

Child support payments are never deductible for the person who paid and never income to the person receiving the payments.

Child support payments do not give the person who paid the right to claim the dependency exemption.

Do you get credit on your tax return for child support payments made?

If you have provided more than half of the child%26#039;s support, you can claim the child as an exemption. This is different than deducting the support payments.

Do you get credit on your tax return for child support payments made?

Yes.

Do you get credit on your tax return for child support payments made?

No, you do not. Child support is NEVER deductible.

Under VERY specific circumstances you MIGHT be able to claim the child as a dependent and take an exemption for them. See IRS Pub 501, page 11 for full details. Merely providing more than half of the support is NOT sufficient to claim the exemption.

Do you get credit on your tax return for child support payments made?

No. Child support payment are not deductible.

The custodial parent claims the exemption for the child - UNLESS there is a stipulation in a custody, separation or divorce decree...or if the custodial parent signed an 8332 to allow the non-custodial parent to take the exemption.

Do you get credit on your tax return for child support payments made?

Child Support is not taxable, nor deductible. the child(ren) however, are.

if its not in your divorce papers, or a court order who can claim them the IRS goes by this;

who pays for more then 50% of the childs living expenses

who the child lives with for a certain amount of months per year.

if both parents claim the child(ren), the IRS will audit BOTH parents. and the parent with the living expenses receipts wins.

OK, lets take a look at what you might pay...

you pay what? 400? 600? 900?

ok, lets see...

rent; 1000

electric 300

food 400-600

heat 300

phone/cable 100

auto; (for doctors, dentists, take to school when they miss the bus, pick up when sick, pick up medicines, get food and do much more...) 200

that doesnt even include clothes, shoes, sneakers, school supplies, hair cuts, class trips, class pictures, over the counter medicines, perscriptions, laundry det, soap, shampoo, toothpaste, christmas, easter, tooth fairy, birthdays, etc. etc

if you are on civil terms w/the ex, see if you can share every other year of claiming the child...

TAX INFO

http://www.taxsites.com/index.htm

http://www.divorceinfo.com/taxes.htm

http://www.irs.gov/taxtopics/tc354.html

http://www.irs.gov/taxtopics/tc422.html

http://www.irs.gov/faqs/faq4-5.html

http://www.irs.gov/localcontacts/index.h...

http://www.irs.gov/advocate/index.html

http://www.irs.gov/publications/p525/ind...

http://www.fms.treas.gov/faq/offsets_chi...

Does this child support/tax situation make sense to you?

I don%26#039;t get this. Maybe someone can shed some light of the subject and let me know if there%26#039;s something I%26#039;m missing and not seeing...

Over the course of a year, I will have paid about $9,000 in child support. That%26#039;s roughly 30% of my pay...give or take. I am still in my daughters life and have never been any type of %26#039;dead beat%26#039;.

From what I understand, child support is not a deduction on your taxes and my ex doesn%26#039;t have to claim it as income.

What doesn%26#039;t make sense to me is that my now ex will be getting back about $3,000 in taxes because she%26#039;s claiming my daughter.

I will owe $1,500 because I will be filing single with no dependants.

So if the child support amount I pay is taking care of large portion of my daughters needs, how is it that only my ex gets all the monatary tax credit just for having physical custody of her? I am paying my share of costs. So why don%26#039;t I get any credit?

Let me know if there is something I am overlooking.

Does this child support/tax situation make sense to you?

If your daughter lives with her,then she is the one who would be claiming her.My ex and I put it into our divorce paperwork that we would take turns claiming her every other year. If youdidnt do that,you arent totally screwed. If you and her can agree to let you take the credit,every other year,or whatever you agree to,you can do so.

See below taken directly from the IRS site

http://www.irs.gov/faqs/faq-kw46.html

.3 Filing Requirements/Status/Dependents/Exemption... Dependents %26amp; Exemptions

How do you claim a child if you agree with your ex-spouse to claim him 6 months and he claims him the other 6 months of the year?

The dependency exemption can not be split. Generally, the child is treated as the qualifying child or qualifying relative of the custodial parent. This parent is usually allowed to claim the exemption for the child if the other exemption tests are met. However, the child may be treated as the qualifying child or qualifying relative of the noncustodial parent if certain conditions are met.

The custodial parent signs a Form 8332 (PDF), Release of Claim to Exemption for Child of Divorced or Separated Parents, or a substantially similar statement, and provides it to the noncustodial parent who attaches it to his or her return. Please beware that if the custodial parent releases the exception, the custodial parent may not claim the Child Tax Credit.

Refer to Publication 501, Exemptions, Standard Deduction, and Filing Information or Publication 504, Divorced or Separated Individuals, for more information on the special rule for children of divorced or separated parents.

References:

Publication 501, Exemptions, Standard Deduction

Publication 504, Divorced or Separated Individuals

Form 8332 (PDF), Release of Claim to Exemption for Child of Divorced or Separated Parents

Tax Topic 354, Dependents

Does this child support/tax situation make sense to you?

unfortunately, you are correct. :-(.

you got hosed.

Does this child support/tax situation make sense to you?

If you had a good lawyer, you would have in the divorce agreement that in exchange for adequate support, you would claim the child as dependent. Since that was not done, you are stuck with the payments and not being able to claim the child. If your were on good terms with your ex, she could fill out form 8332 and allow you to claim the child instead of her; worth a shot.

Does this child support/tax situation make sense to you?

If you think you provided more than half her support--and be conservative in your estimates--claim her as an exemption then duke it out when IRS contacts you about it.

Does this child support/tax situation make sense to you?

you may be %26quot;in her life%26quot; be you are not raising her full time. If you ever got %26quot;shared or joint%26quot; custody, then you could claim her one year and your ex could claim her the next. Or that%26#039;s how it works in Florida... I am not trying to be rude but I want you to see from another point of view...when your daughter is sick,who has to call-in sick every time during the year,take off work,take her to the Dr., etc..I could go on but I think I%26#039;ve made my point,at least I hope I have and I hope I haven%26#039;t hurt anyones feelings.

Does this child support/tax situation make any sense to you?

I don%26#039;t get this. Maybe someone can shed some light of the subject and let me know if there%26#039;s something I%26#039;m missing and not seeing...

Over the course of a year, I will have paid about $9,000 in child support. That%26#039;s roughly 30% of my pay...give or take. I am still in my daughters life and have never been any type of %26#039;dead beat%26#039;.

From what I understand, child support is not a deduction on your taxes and my ex doesn%26#039;t have to claim it as income.

What doesn%26#039;t make sense to me is that my now ex will be getting back about $3,000 in taxes because she%26#039;s claiming my daughter.

I will owe $1,500 because I will be filing single with no dependants.

So if the child support amount I pay is taking care of 100% of my daughters needs, how is it that only my ex gets all the monatary tax credit just for having physical custody of her? I am paying my share of costs. So why doesn%26#039;t I get any credit?

Let me know if there is something I am overlooking.

Does this child support/tax situation make any sense to you?

In a perfect world...your ex would allow you to claim your daughter because of your child support. However, because of the tax laws...the dependent tests state that the person whom the child lived with the longest during the year is who can claim the child.

Next year, you should inform her that you believe it would be fair to allow you to claim her every other year so that you too can benefit from the credits.

However, your ex may not go for that because this is not a perfect world.

Sorry for your luck.

Does this child support/tax situation make any sense to you?

Child Support is a non taxable item and you can not claim it on your taxes, you are correct. The only time money is claimed is when it is Spousal Support.

FYI, it costs alot more than $9,000. to raise a child in one year.

You are just going to have to suck it up and pay.

Does this child support/tax situation make any sense to you?

b/c she has custody therefore according to the gov. eyes she%26#039;s the one there phy. and fin. even though u pay child support, it doesn%26#039;t matter she gets all the money during tax time.

Does this child support/tax situation make any sense to you?

Unfortunately, with out any court order you can%26#039;t claim the child since she lives with the mother. My advise to you is take her to court and get joint custody usually then you claim one year and she claims the next so on and so on. Maybe you get the courts in your favor and let you claim her every year. The only ones that can help you are a lawyer and a judge.

Don%26#039;t listen to the people that say you should pay. At least not every year. That way you can plan ahead for years you can%26#039;t claim her(change your w-2 every other year) so that way you aren%26#039;t effect. Both you and your ex provide your daughter support. Both of you made her. So both should be able to claim her. It%26#039;s only fair. SO GO TO COURT! This year is to late however.

Does this child support/tax situation make any sense to you?

What you are overlooking (or rather what your attorney overlooked at the time of divorce and the settling on child support and the rest of those things) is an agreement to be able to claim your daughter alternating years. It%26#039;s onlyfair! If you must, hire an attorney and go back to court to get htis settled. You shouldn%26#039;t be punished financially for getting a divorce, although that is exactly what happens in the state of Indiana! God I hate this state!

Does this child support/tax situation make any sense to you?

If you are paying child support and paying for all your daughters living expenses, you ARE entitled to claim her as a dependent! Seek legal help if your ex-wife does not agree to this as it is the law.

Does this child support/tax situation make any sense to you?

This is difficult for a logical person to explain, but here goes. First of all there is nothing fair about the tax system. Fairness does not enter into it. The tax code was constructed with the help of lobbiests who were able to insert provisions into the code favoring special interest. Divorsed fathers providing child support could not afford to pay lobbiests to insert provisions into the tax code favoring them. Simple as that.

FSA VS Child Care Credit?

Can I claim both, the FSA and the Child Care credit?

If the max on the FSA is $5,000 and the mak (with one child) is $3,000, but my child care expenses are well over $9,000; will I be able to get both tax credits? Or choose betweeon one or the other? It should be noted that out house hold combined income will only allow for the 20% deduction on the Child Care credit.

FSA VS Child Care Credit?

Unfortunately, you are limited to $5,000 of dependent care benefits taken out of your pay before taxes. If you do not use the dependent care benefits, then you could take a credit against your out of pocket child care expenses up to $3,000.

Form 2441 asks you to show your DCB and will disallow any credit if you take DCB over $3,000. However, as an example, if you took DCB of $2,000 then you could take the credit for child care for expenses up to $1,000.

See Form 2441 Part III Dependent Care Benefits to see the computation.

http://www.irs.gov/pub/irs-pdf/f2441.pdf

FSA VS Child Care Credit?

If you use an FSA to pay the child care expenses, you cannot take the credit.

Will child benefit and tax credits be backdated to my childs birth date?

My daughter was born on 16/12/07 and we%26#039;ve only just received her birth certificate. I have my child benefit forms all filled out and wil post them today. But will they back date the payments to her date of birth?

Will child benefit and tax credits be backdated to my childs birth date?

Yes, but you need to apply within 3 months. If you post them today, you are more than fine!

Will child benefit and tax credits be backdated to my childs birth date?

yes i think they will since its not more than 6 months

Will child benefit and tax credits be backdated to my childs birth date?

hi, yes they do pay from babys%26#039; birth date, but double check, cos my friend had to chase hers, but they will sort payments out asap, but make sure its the right amount, my friend was short by a few weeks, but once chased, sorted very quickly, hope this helps.. good luck

Will child benefit and tax credits be backdated to my childs birth date?

They back date them for 12 weeks.

Will child benefit and tax credits be backdated to my childs birth date?

yes they will (i%26#039;m from UK though so not sure if it%26#039;s different depending on where you live!)

Will child benefit and tax credits be backdated to my childs birth date?

I%26#039;m not too sure but i think u will find they will back date it to the date the forms are filled out! that%26#039;s what happened when i made a claim.

Will child benefit and tax credits be backdated to my childs birth date?

yes they will

as long as you send them off before she is 3 months of age

http://uk.groups.yahoo.com/group/Baby_Th...

Will child benefit and tax credits be backdated to my childs birth date?

Yes but they will only backdate to 3 months ago I%26#039;m afraid- be quick they%26#039;re a bunch of inept idiots.

Best of luck.

Kez x

Will child benefit and tax credits be backdated to my childs birth date?

they backdate 3 months, sometimes in exceptional circumstances they backdate longer, say if the baby was premature and in hospital for a long time and the parents had no time to claim.......but in the main it%26#039;s 2 weeks

Will child benefit and tax credits be backdated to my childs birth date?

yes they will back date up to 3 months.

I got my babies birth certificate back last week and Im so cross, I folded it in half to fit it in the envelope and its come back really creased and crushed. I dont know if it was the postman or the child benefit office but Im very upset.

Will child benefit and tax credits be backdated to my childs birth date?

They can backdate the payments, but only for a max of 3 months, so you should be OK.

Why don't expat UK tax payers with children get Family Tax Credit.?

We pay as much tax as everyone but we cost the country nothing for police, health, education etc. Why should our children not have the same benefits from the country their parents pay tax to?

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

I agree it%26#039;s unfair. I suppose the answer is that Family Tax Credit is seen as part of the %26quot;social welfare%26quot; system, which tends to be based on residence - that%26#039;s why you only pay Social Security (National Insurance) where you live, not where you work or are %26quot;ordinarily resident%26quot;.

Be honest, though, do you really pay %26quot;as much tax as everyone else%26quot; to the UK? If so, you%26#039;re probably not doing the expat thing right!

%26gt;%26gt; Graham, I wasn%26#039;t talking about failling to declare anything either. It%26#039;s an interesting position you%26#039;re in, and one where the tax laws probably haven%26#039;t caught up with new technology.

I used to live in Holland but work in Germany. I paid income tax in Germany on income from my job; NI in Holland; and tax in the UK only on income from investments (eg my house which was rented out). I would have assumed that you would have some tax liability in your country of residence (which you could then offset under dual tax relief), but it%26#039;s almost as if you were a cross-border worker from that country %26quot;working in%26quot; the UK. Very interesting question!

As I say, although tax credits are (as their name implies) part of the tax system, my guess is that the regulation which governs them is the same as for social welfare benefits, because that%26#039;s the way the government intended them to work. Typical of Mr Brown%26#039;s love of confusing complexity!

The confusion at government level would seem to be supported by the fact they were amended in an instrument called %26quot;The Social Security (Working Tax Credit and Child Tax Credit) Regulations 2003%26quot;.

I note from the original legislation that %26quot;a claim for tax credit may be made:

(a) jointly by the members of a married couple or unmarried couple both of whom are aged at least sixteen and are in the United Kingdom, or

(b) by a person who is aged at least sixteen and is in the United Kingdom but is not entitled to make a claim under paragraph (a) (jointly with another).%26quot;

It%26#039;s that phrase %26quot;IN the United Kingdom%26quot; that gets you. Sorry.

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

i%26#039;m confused, you dont live in the country yet to have to pay tax for this country? so do you pay tax in the country you live in as well?

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

Do you pay National Insurance stamp, at full rate?

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

If you are overseas and still paying full tax - change your accountant. The Tax depts of many countries have reciprocal arragments too, in which casde you can pay your taxes in your host nation and get all the same advantages as their locals citizens.

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

Tax credit is based on working contributions. If you are not working in the uk where you are paid a salary you are not entitled to it no matter if you pay tax or not. If you feel it is wrong speak to them but just paying tax doesnt give you the right to an award if you have children.

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

if you pay tax in the u.k you can get it as long as you are not over the amount stated but you need to explain the question better

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

that sounds highly unfair but completely typical of the money grabbing, useless UK government. they take as much as they can from us and if at all possible they will give nothing back.

i agree with you completely, that as a UK tax payer, regardless of where in the world you are, your children should be entitled to the same benefits as those residing in the UK. but then again, are they really benefits? i have had no end of trouble with tax credits for the past 18 months and really wish i had never bothered applying because its a stress that i could do without.

write a letter to the government asking them why they see fit to exclude you from credits that will benefit you but they can still debit you to benefit them. see what excuse (if any) they come up with!

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

I assume you knew the situation when you decided to leave this country so why are you complaining now. While to you it might seem unfair, what of the pensioners who have paid into the system for all of their working life and witness what savings they had be whittled down year after year. They had no fore-knowledge of where they would stand financially they just took the governments word.

Why don%26#039;t expat UK tax payers with children get Family Tax Credit.?

where do you live mate? if you live in UK you get full benefit, You can%26#039;t be that patriotic if you are living abroad and paying tax abroad.

Question about Child Care credit on Taxes?

I%26#039;ve been paying my 16 year old cousin to watch my son this year, and I write receipts up for this. Can I use this on my taxes as child care I paid for?

Question about Child Care credit on Taxes?

Yes, as long as your cousin is going to file the money paid as income. You will need his/her social security #.

Question about Child Care credit on Taxes?

Do you have earned income?

If so, then you should be ok, but get the IRS publication just to make sure.

I%26#039;ll get a link.

http://www.irs.gov/pub/irs-pdf/p503.pdf

Question about Child Care credit on Taxes?

If you do this, then your cousin needs to file taxes as a self-employeed individual. Your cousin would need to write you a year end statement detailing your expenses. As well, your cousin would owe as much as $721 in taxes. Since you are now declaring this tax credit, the IRS now knows that your cousin had this earned income. And yes, the IRS will go after your 16 year old cousin to collect on this money. Your cousin may never babysit for you again.

The other thing you have to consider is that the child care had to be done so that you could either work or go to school. If you hire a babysitter so you can go out with friends, then you are not allowed to claim that as childcare.

Do mortgage companies take into account other income ie child maintenance? Should that be liable for

I might need to re-mortgage and as I only work part-time my salary wont give me a big enough mortgage, do you think they will take into account the other income i receive from child maintance and tax credits etc??

Do mortgage companies take into account other income ie child maintenance? Should that be liable for tax?

Yes they will. You are not required to have it included, but you are able to.

Do mortgage companies take into account other income ie child maintenance? Should that be liable for tax?

It isn%26#039;t classed as income so is not taxable, and cannot be factored into a mortgage application

Do mortgage companies take into account other income ie child maintenance? Should that be liable for tax?

They are not allowed to specifically ask for or use alimony, child support or seperate maintanence UNLESS you offer it.

Do mortgage companies take into account other income ie child maintenance? Should that be liable for tax?

I use to work at a Mortgage Company. Yes, they can use your Child Support as income if you can prove you have been and will be getting it for a specified amount of time (and that depends on the bank). You can offer this information on your application, which to my knowledge, does and can ask for that info. Hope that helps! Thanks!

Also, also ask your Lender! :) They should be MORE than willing to help, and if they aren%26#039;t, LOOK SOMEWHERE ELSE!!! :)

How does transfer of property from parent to child affect us- taxes, credit, etc?

My mom%26#039;s considering transferring her property to me. I%26#039;m 23, married 1.5 years, with sub-prime credit (nothing bad on my report, I just haven%26#039;t had credit very long). My husband has non-existent credit.

There are two fully paid off properties, total value of about $800k-1m. My parents live in one, and rent the duplex to my two sisters.

Are there different ways to do this? Sale vs gift, etc? What taxes would have to be paid?

Would it affect our credit scores?

I%26#039;m sure it%26#039;ll affect financial assistance for us, but work pays my husband%26#039;s college tuition anyway.

I would imagine that it%26#039;ll prevent future first-time buyer incentives for us. Is that a big deal? What are other affects on our potential future home purchase?

I don%26#039;t want to discourage my parents from doing it, because they haven%26#039;t written a will (I%26#039;m trying to get them to) and this will prevent some in-fighting if my husband and I split the assets when they%26#039;re gone. I just want to get the facts first and do it right.

How does transfer of property from parent to child affect us- taxes, credit, etc?

You have to pay a gift tax on any thing over $10k annually not $1M. They can put the house in your name for $1.00 so you would not have to pay anything. I would recommend them putting it into a revocable Living Trust instead. That is nice that they want to put it into your name but what if there is a fire? What if they are not able to the taxes? You would be responsible. If the house is left to you in a trust you will have to pay inheritance tax if you are over $1M (it might be less now) BUT you would not have to put it into probate and that will save you a lot of money. Plus the house goes just to you not your spouse as long as you keep it separate. Plus you control the house. You could sell it or mortgage it and that would not be good for them. Not that you would but your husband could.

How does transfer of property from parent to child affect us- taxes, credit, etc?

the recipient will have to pay a gift tax. Speak to a tax attorney instead of getting the info from a bunch of schlubs like us.

How does transfer of property from parent to child affect us- taxes, credit, etc?

It%26#039;s done all the time but usually with the assistance of a CPA and an attorney. You asked alot of questions so instead of giving you all my opinion since opinions are like lawyers (everyone has one) I won%26#039;t give you mine instead I%26#039;ll give you the links you need to get the answers.

IRS: Selling your Home Publication: http://www.irs.gov/publications/p523/ind... and http://www.irs.gov/publications/p523/ar0...

IRS: Home Sale Exclusion rules, publication: http://www.irs.gov/newsroom/article/0,,i...

IRS: Estate and Gift Taxes:

http://www.irs.gov/businesses/small/arti...

IRS: Tax information when buying a home: http://www.irs.gov/publications/p530/ix0...

IRS: Deductible costs when purchasing real property:

http://www.irs.gov/publications/p551/ar0...

IRS: 3.6 Itemized Deductions/Standard Deductions: 6. Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses): http://www.irs.gov/faqs/faq3-6.html

When all else fails you might want to go to the one that governs on these issues:

IRS: Contacting your local IRS office: http://www.irs.gov/localcontacts/index.h...

Buena Suerte

How does transfer of property from parent to child affect us- taxes, credit, etc?

you have a gift tax for anything higher than $1M. It is best to check with a tax professional on this, however, because any mistake could mean you lose the property, and your credit goes even lower. You may have to pay state taxes, again though, check with a tax professional because you may be able to deduct that amount from income taxes. It varies by state.

How does transfer of property from parent to child affect us- taxes, credit, etc?

Buy the property for $10.00. Its not a gift if purchased.

Was there a tax credit for children(under 18) as dependant available in 2006 and 2005?

Child tax credit for those two years, but only for children under 17, not 18.

Was there a tax credit for children(under 18) as dependant available in 2006 and 2005?

If you are referring to the $2,000 per child non-refundable credit for children %26lt; 18 then No.

There is a credit called %26quot;eligible dependent%26quot; for those people that are not married nor in common-law relationship and have children %26lt; 18 living with them.

If i get my tax credits and child benefit on a tuesday into my bank acc,?

as xmas falls on a tue when will i get my money thanx

If i get my tax credits and child benefit on a tuesday into my bank acc,?

hi, don%26#039;t think this will please anyone, as i was also hoping it will be in my bank on friday, but mine also lands on Xmas day, and i telephoned them up and they told me that it will be in my bank on xmas eve, and the new years day payment (i get mine weekly) will be in the bank on the friday (28th). i%26#039;m still hoping that it shows this friday, but they said i will get paid on xmas eve.... hope this helps

If i get my tax credits and child benefit on a tuesday into my bank acc,?

should be in by this friday - at least I am hoping they will be!

I remember getting it early last year.

If i get my tax credits and child benefit on a tuesday into my bank acc,?

They may give you 2 weeks worth this week if you get it weekly or pay it on friday.

Phone the tax credits helpline to find out for sure

If i get my tax credits and child benefit on a tuesday into my bank acc,?

I%26#039;m not sure, as you can still use your bank account on Xmas day - not like the old cheques where they used to send you a few weeks%26#039; worth at once this time of year. Merry Christmas anyway!

If i get my tax credits and child benefit on a tuesday into my bank acc,?

It%26#039;s this friday 21st - fingers crossed lol

If i get my tax credits and child benefit on a tuesday into my bank acc,?

im hoping it will be friday too! i sure it came early last year.

Does anyone know how much the Earned Income Credit will be per child for this tax season?

Tax Year 2007 maximum credit:

$4,716 with two or more qualifying children;

$2,853 with one qualifying child;

$428 with no qualifying children.

Does anyone know how much the Earned Income Credit will be per child for this tax season?

The EIC is not a flat per-child amount. Rather, the EIC amount is based on your income. It starts low, then it increases as your income does. As income goes even higher, the EIC begins to decline until you no longer qualify.

Does anyone know how much the Earned Income Credit will be per child for this tax season?

There is no set amount per child. It varies depending on your income.

Edit---

At $45k for the year, your EIC will be $0.00.

Note: Married people who file separately do not qualify for EIC at all.

Does anyone know how much the Earned Income Credit will be per child for this tax season?

EIC total amount ranges from $2 to over $4000 - there%26#039;s no one answer to your question without more info. The amount you%26#039;d get depends on your eligible earned income, your filing status, and whether you have no children, one child, or more than one. Post again with that info and someone can give you a better answer.

My grandaughter is 21 has a dependent child, no child support an pays for school. Is there a credit

return she can claim

My grandaughter is 21 has a dependent child, no child support an pays for school. Is there a credit tax?

There is an earned income credit I believe it is called, you get so much back for your dependents if you meet the income guidelines. I think it was like 2200 a child. I was a single mother 13 yrs ago, head of household and I got back almost everything I paid in.

Call a CPA or call the IRS hotline. There should be information on it in the tax forms you get at the post office too... If you are a do it yourselfer.

My grandaughter is 21 has a dependent child, no child support an pays for school. Is there a credit tax?

Call the IRS. It is free, and they can be very helpful.

My grandaughter is 21 has a dependent child, no child support an pays for school. Is there a credit tax?

That depends upon her income.

Tax Credits and overpayment?

We get Working and Child tax credit.

We have been told there was an overpayment last year on our tax credits because our income was underestimated (caused by dp changing jobs a few times and me being off work sick for a while and then on maternity leave.)

It was quite a large underestimate - about 鎷?000 between what we estimated and what we actually earned with my sick pay, holiday pay when I left my job etc.

They won%26#039;t tell me exactly what will happen to our tax credits - said I%26#039;d have to wait for the review to be completed and they%26#039;ll write to us but I%26#039;m really worried they%26#039;ll stop our tax credits. I%26#039;m not working as I%26#039;m at home with my 8 month old son and my partner is on a low wage, we depend on our tax credits to live and help us keep a roof over our head.

Any idea what they do in these situations? Will they just stop our Tax Credits or reduce them slightly? We%26#039;d go under without them.

Tax Credits and overpayment?

went through a similar problem, what you MUST do is challenge the descision and ask for the appropriate form, at the time I filled it in it was quite simple. Next , go to your GP or C.A.B. and ask for the contact number for WELFARE RIGHTS They are a govt. funded org. established to make sure we are treated fairly...I used them and they are on YOUR side....finally DONT PANIC and good luck :-)

Tax Credits and overpayment?

My friend had to pay back what she had been over paid but they take it over time not all together.

Tax Credits and overpayment?

They have to looka t different circumstances to how it can be repaid, we are in a similar situation, im waiting for the letter then going to the CAB. Have a look at this link it might be helpful.

http://www.citizensadvice.org.uk/index/p...

Tax Credits and overpayment?

no one can stop your tax credit as long as you are entitled all they can really do is figure out how much they over paid you and because tax credit are to make sure you and family are just about comfortable me and my partner got over paid last year because it%26#039;s all estimated it well bound to happen in some cases any way we paid it back a few pound a week any more than that and it would have made us broke and they do try to avoid things like that happening some one i know made a fraudulent claim for her child and her partner who lived else where for years she had claimed 鎷?2,000 and deliberately de-frauded the system and just had to pay it back ,but this sounds like a genuine miscalculation these things happen and tax credits know this you May have to fill in a statement to declare the money was simply accidentally over paid but it is just routine don%26#039;t panic good luck and if you ring them and they aren%26#039;t helpful or don%26#039;t give you the answers you need give it 10 Min%26#039;s and ring back we have learnt that some people are more helpful than others and will go that bit further to help good luck

Tax Credits and overpayment?

You will probably have to pay it back in some way. If they havent stopped payments already, its likely that they%26#039;ll adjust your new award to take into account the overpayment. If they stop payment you have the right to appeal against the decision. It could be possible that they made a mistake in the original estimate in which case you shouldnt have to pay anything back. Keep dates and times and names of anyone you speak to at the Tax Office as they keep records of phone calls. Then if there is any dispute you can ask for them to be used. If the overpayment is correct, they should allow you to repay the money at an amount you can afford. It may be useful to make up a budget sheet so that you can show them how much disposable income you have should you need to make repayments. In some cases, if you can prove that by stopping your tax credits altogether or by having to make repayments it puts you in severe financial hardship, the Tax Office can cancel the debt. There are several steps you can take with regards to appealing against any decision so make sure that you try them all. Your local CAB can deal with the Tax Office for you or contact CLS Direct, funded by the Legal Services Commission. If you qualify for Legal Aid, they can advise you on any aspect of debt, benefits, housing and employment. Hope this helps...

Tax Credits and overpayment?

If it was last year only and they discovered it via your annual renewal you have no worries there is a 鎷?5,ooo leeway .yes its not a typo 鎷?5,000 . If it %26#039;s due to you informing them part year e.g you phoned and told them this does not apply. So i hope it was the renewal. And yes unless your on benefits they can take all your tax credits for an overpayment.

Tax Credits and overpayment?

my daughter had a similar problem and was in a similar situation to u. her partner earned more than expected. the tax credits people originally stopped her tax credit but when she complained they reinstated it and recovered the money over time as she was reliant on tax credits to pay bills same as ur. ring them regularly to see if its been sorted out . if the outcome is not what u r hoping for then follow the appeal procedure outlined on the sheet they send with the decision.

Tax Credits and overpayment?

I am not an expert on WTC and CTC, however as I understand (and please, don%26#039;t quote me on this) they cannot leave you without any money.

Most likely HMRC will reduce the amounts paid to you. Either that, or you will be able to come to an arrangement with the overpayment team which will be beneficial to you.

I hope this helps.

Tax Credits and overpayment?

Magic word HARDSHIP, make sure if they try to take all your tax credits away from you, you say that this would leave your family in hardship. Also make sure you challenge the decision of the overpayment. You can do this by contacting the CAB and they will have the forms for this.

Tax..college credits?

K well I turned in my taxes only paid like $157 total to the feds for the year...and got a return of 3600 so i was happy...I guess I got it because of the EIC and child tax credit.... I attend college though....and the guy filing my taxes said no point of entering in for hope or lifelong learning credit because my balance was already at zero....is that right would I have recieved more though if I had applied for it? I was confused because I was supposably already at zero when he entered me into the EIC and child tax credit...and he said that those wouldnt return any money so?

Tax..college credits?

Yes, he is right. I assume that you went to a franchise preparer. He was actually trying to save you some money.

Education credits are not refundable. EIC and Additional Child Tax Credit are refundable credits.

If he entered the Education Credits into the computer your tax prep bill would have been higher. And, it would not have made any difference in your refund.

Hope this helps.

Tax..college credits?

Russ is correct. An education credit can only bring your tax liability to zero - which means it%26#039;s a %26quot;non-refundable credit%26quot; and you can%26#039;t get back more than you paid in. The EIC and the Additional Child Tax Credit are %26quot;refundable credits%26quot; which means they can bring your tax liability below zero and allow you to get back more than you paid in. Hope that explains it well enough. Therefore, why pay your tax preparer for another form which will not change your tax situation.

Tax..college credits?

Assuming that your tax liability was already $0 BEFORE the EIC and CTC then he did it properly.

Do people who live on the isle of man get tax credits and child benefit?

does anyone know please?

Do people who live on the isle of man get tax credits and child benefit?

You can apply for Child Benefit on the Isle of Man.

To get Child Benefit you or the child must have been present in the IOM for more than 182 days in the 52 weeks prior to the week in which the claim is made. The child must be under 16, or under 19 and in full time education.

For more, see:

http://www.gov.im/dhss/security/family/c...

There is no mention of any Tax Credits on the IOM Benefits website:

http://www.gov.im/dhss/security/benefits...

There is an suppliment called Family Income Suppliment:

http://www.gov.im/dhss/security/family/f...

The IOM has slightly lower rates of income tax (no 40% rate):

http://www.pwc.com/extweb/insights.nsf/d...

Do people who live on the isle of man get tax credits and child benefit?

Oh yes tons of it. And because they pay less tax anyway, their whole allowance is so much more than ours in the UK.

Do people who live on the isle of man get tax credits and child benefit?

people that live on the isle of man are loaded so i doubt they care!

Do people who live on the isle of man get tax credits and child benefit?

I am glad to see someone has got the right answer contrary of the belief of some people we are not all multi millionaires here on the Isle of Man most of us are just normal hard working people and work hard for our money

Tax credits........?

If you receive child tax credits or working tax credits how long did it take from when you sent the application away till you received a payment? I have been waiting now for 9 weeks for child tax credit.

Tax credits........?

3 months / 12 weeks

Absolute joke of a system.

But they will back pay you, so you%26#039;ll get a lump sum.

Still, ring them to see how far your claim has been processed. That%26#039;ll give you some idea how much longer.

Good Luck x

Tax credits........?

call them but anyway your money will be backdated so you won%26#039;t loose anything

Tax credits........?

this is a long time to wait i would give them a ring and see what is going on

Tax credits........?

When i first applied, the system was new. it took about 3 months!

Just keep phoning them until you get results. It shouldn%26#039;t take that long!

My sister in law recently applied for her tax credits and received her 1st payment within 2 weeks!

Tax credits........?

It should be instant-- as soon as the calculations are done thats it. They send your reward straight away. The only reasons for delays would be either that they have a backlog of applications or if you gave them an estimated earning amount it may take them time to investigate.

Why not just call them and ask- im sure there is a reasonable explanation.

Tax credits........?

I waited about 7 weeks,then got nearly 2 grand backdated!!!!

Its worth the wait.

Divorced parents with children, tax question..?

My ex and I have two dependent children together. It was in our divorce agreement that we each claim one child for our taxes every year. We have joint custody and she has primary placement. Last year was the first year we filed apart. We both go to the same place to get our taxes done. My ex claimed both our kids for the EIC child tax credit, because the tax preparer told her to (because she has primary placement). I went to the same place and told the accountant that it was in our divorce agreement to each claim one child, and the women said %26quot;that it doesn%26#039;t matter, she gets to claim them both.%26quot; Anyone know if that is true that she can claim them both even if it%26#039;s in our Divorce Agreement to each claim one? What would happen if we both claimed our children for the tax credit? I%26#039;m thinking of claiming them both since she did it to me last year....

Divorced parents with children, tax question..?

OK, I speak from experience on this one, so hear me out.

DO NOT claim them this year!! (without making sure you are the only one claiming them) Either get your taxes done at the same place at the same time, or forget it. Legally the custodial parent claims the kids. However, if it IS documented in your divorce/custody papers that you each claim one child, then you need to take a copy of that order to the tax place. There is nothing preventing her OR you from claiming one or both the children. But, if you claim them this year, and she does as well, you find yourself faced with an audit. They will require doctor%26#039;s records with YOUR address, school records, day care records and anything else they ask for in order for you to get your tax refund. If your ex has her address listed on all or even one of these documents, you will get nothing for your time and trouble. This is the biggest pain the butt. I was audited for 4 years in a row. I am the custodial parent, and it was never agreed that we would each claim one, but every year my ex-husband would claim one of the kids (randomly, without telling me which one) and I would get audited every time. The kids were too young to be in school, so all I had to go on was Doctor and day care records. But because he provided health insurance, he would change the address at the doctor%26#039;s office and get a printout, and it prevented me from getting my EIC every year!

TAX CREDITS QUESTION. (England)?

Handed in my notice at work but looking for new employment.

1. Wife gets child tax credit not working (4yr old to look after)

Q: will her allowance be affected.

2. I get small amount of family tax credit based on earning before notice handed in.

Q: will i get this stopped till i work again (apparently no job seekers allowance for 6 weeks.)

Q: should i get a job with lower pay than previous how quickly can i get the working tax credit raised.

TAX CREDITS QUESTION. (England)?

Ring them 084530003900

TAX CREDITS QUESTION. (England)?

1. no may be upped

2. may be stopped

3. working tax credit will be stopped

4. within 4 weeks

TAX CREDITS QUESTION. (England)?

ring tax credits to let them know you are off work you should claim unemployment benefit although because you left you will have to wait a few weeks,phone tax credit office to let them know and they may automatically put the money up.

on the tax credit website you can put in ammounts to see what you could be entitled to to let you work out what you you would earn if you do go for a lower paid job.

also check about housing benefit if that can be claimed now just so money isn%26#039;t to tight.

TAX CREDITS QUESTION. (England)?

1. No

2. Yes if you mean working tax credit. Why can%26#039;t you get JSA? You need to prove you had no option.

3. Immediately

TAX CREDITS QUESTION. (England)?

when i gave my job up i had to claim income support aswell as child tax credit, and yes it does take 6 weeks to get it, so if i was you i would get a job lower paid and they can sort that out over the phone and have it in your account by the next week. and that will save you going without money and they will calculate it all and up your tax credit...... good luck

TAX CREDITS QUESTION. (England)?

By rights you have no entitlement to Tax Credits since you are no longer employed. One of you has to work 16 hours a week or more, BUT if you dont tell them they wont know, just find a new job and then ring tax credits to let them know your new income.

Dont tell them you were unemployed for any time, they wont find out if you dont tell them :o)

With reference to the lower paid job, they work out the amount of Tax Credits to you in Bands according to the amount you earn, these abnds are abour every 鎷?500 I think so if you get a lower paid job it will have to be below the previous band you were on for you to gain more.

I hope this helps, Tax Credits are notoriously difficult to understand but hang on in there! :o)

TAX CREDITS QUESTION. (England)?

Go to your local Citizens Advice Bureau (CAB) Office and they will take care of everything for you. They have a computer software programme that will estimate your tax credits depending on your financial circumstances and tell you if it is better for you to work more or less hours.

Your wife will continue to get Child Tax Credit but the rate will stay the same or could increase depending on your income.

Working Tax Credit (the one you get) will stop because you will be no longer working at least 16 hours.

Ring Tax Credits Helpline and inform them of your change of circumstances. They%26#039;ll send you a new tax credits claim form in the post.

I thought if you voluntarily left employment with no good reason then you could not get JSA for up to 12 weeks. Ring your local Social Security Agency (dont give them your personal details - just make general enquiry) and ask them when would you be eligible to claim - or phone your CAB office.

If you are sick - %26quot;stress%26quot; say then you could claim Incapacity Benefit and possibly Income Support - depending on your income straight away.

Definitely seek advice from a CAB adviser.

TAX CREDITS QUESTION. (England)?

try these links

its about london offshore finance

http://www.lofinance.blogspot.com

Any one else had their tax credits stopped due to overpayments from years ago?

i am a student single parent, and had just got used to budgeting on income support and child tax credit when one monday went to my bank and found my tax credits had not gone in. turns out that they were stopping them until april new tax year as they had made a three thousand pound over payment back in 2005. when i begged and pleaded with them, they told me to go to an advice centre. this over payment it seams was around the time i first started claiming after the birth of my daughter and returning to work part time. i asked them how and why there was an overpayment and they said it was due to an overpayment in working tax credit. i then reminded them i was on income support and the woman said, %26quot;oh, you are?%26quot; i replied, %26quot;yes, i told you a month ago when i started claiming income support and stopped working.%26quot; she said, %26quot;well, we have paid all you claim for this tax year, you%26#039;ll have to get a crisis loan if you cant manage.%26quot;

any one else want to kill the tax credits system?

Any one else had their tax credits stopped due to overpayments from years ago?

it happened to my bro who doesnt earn much and is now struggling. Its ridiculous how are you supposed to know you are paying too much if they cant even work it out properly? Surely if they make the mistake people shouldnt have to pay it back. On the other hand ive heard of people who abuse the system to get free dental treatment etc and arent entitled but they seem to get away with it!

Any one else had their tax credits stopped due to overpayments from years ago?

Not personally, but I have had a couple of friends this has happened to recently. Last I heard they were appealing the decision.

They are ready to explode with frustration over the matter.

You know what it%26#039;s like though, you can never win!

Any one else had their tax credits stopped due to overpayments from years ago?

the whole tax credit system drives me mad!i%26#039;m self employed and work full time,my hubby works full time too.we are told that if your household earns up to 50,000 you can claim.rubbish.every penny they have paid us, we have had to pay back due to overpayments.we were only getting 鎷?5 a month but they worked out what we got on the figures WE gave THEM from hubbys P45 and my tax return-so why do we get penalised if they work it out wrong? in the end, when we got our form to fill in last year we returned it blank with a big note saying %26#039;we no longer want to claim this as we cannot afford to keep paying it back%26#039;.that was last summer-and just before xmas we got a bill for 鎷?47 that was overpaid to us from 2005!!againsy my hubbys better judgement i paid it cos then they can never say that we owe them.we wont be claiming it this year either-its too much hassle!!

Any one else had their tax credits stopped due to overpayments from years ago?

thats mad and unfair why could they not of cut them rather than cut them out

i would see what you can do and what help you can get x

Does anyone know anything about tax credits etc? need financial help.?

I want to know if id be better off working 8 hrs a week at 鎷?.50 an hr? At the mo, my husband works full time and brings home bout 鎷?00 a month, I have 2 children so we get 鎷?20 a month child benefit, Working tax credit and child tax credit combined comes to 鎷?80 a month and we get about 鎷?0 housing benefit which brings in around 鎷?400 a month. We are really struggling and i want to know if il be any better off i do a part time cleaning job, 8 hrs a week for 鎷?.50 an hr or will it not make a difference cause the tax credits will drop?

Does anyone know anything about tax credits etc? need financial help.?

For the rest of this year... ie from now until the 05/04/2008 your money will not change if you get a part time job as long as your earnings and your partners earnings do not differ by more than 鎷?5,000.00. For example. If you%26#039;re partner received 20k and you nothing in the last tax year, your money would not alter unless your combined income became higher than 45k for this tax year!!

The tax office would still need to know about the new income as next years tax credits are based on everything you earned THIS year... so it would affect your claim in the long term, but in the short time it wouldn%26#039;t affect your tax credits. You wouldn%26#039;t be eligible for any help with childcare charges unless you were working 16 hours a week (and your partner too... but you%26#039;ve said he%26#039;s full time).

I cannot comment on the Housing benefit tho.... as this may be affected as i believe (and i could be wrong) that the HB is means tested against your Total income into the house and any changes needs to be reported. I%26#039;d double check with them!!

Sorry for the long winded answer... but tax credits aren%26#039;t that simple!!!! :o)

Should Bush Take Back the $1,000 Child Credit and Use the Money to Buy Insurance For Libs' Kids

Bush gave families a tax credit. They could have used that money to buy insurance for their kids. Our family does.

Do Dems always cry %26quot;more handouts more handouts%26quot;?

Should Bush Take Back the $1,000 Child Credit and Use the Money to Buy Insurance For Libs%26#039; Kids?

$1000 won%26#039;t pay health insurance premiums for more than a month.

Besides, I don%26#039;t think we should be giving people an incentive to breed. We should give people a tax break for voluntary sterilization, and spend our money to take care of people who are already here.

Should Bush Take Back the $1,000 Child Credit and Use the Money to Buy Insurance For Libs%26#039; Kids?

What are you going to give me? Someone got to tell me why i ain%26#039;t got sh*t. Gimmie somethin.

Should Bush Take Back the $1,000 Child Credit and Use the Money to Buy Insurance For Libs%26#039; Kids?

That must be some pretty lousy insurance you%26#039;ve got if you can cover multiple children for $1,000. What%26#039;s your deductible? $50,000?

Should Bush Take Back the $1,000 Child Credit and Use the Money to Buy Insurance For Libs%26#039; Kids?

If it%26#039;s free take it is the motto whether you are entitled or not. They hate the rich, and the truth is this country needs more rich people. The top 6% of the wealthy pay 85-90% of the taxes in America today, and they create jobs.

Should Bush Take Back the $1,000 Child Credit and Use the Money to Buy Insurance For Libs%26#039; Kids?

Excellent point, although you know you will take a lot of heat for that one.

We all have choices to make.

Edit: I guess the question for you is what you will do if the Democrats let the tax credit expire- they%26#039;ve spent a lot of attention on things they shouldnt and that bill has an expiration date.

Tax Credits system makes no sense sometimes!?

OK I thought that the Tax Credit system (UK) was supposed to encourage people to go out and find work, by topping up the earnings of the lowest income workers to a decent level, making them better off than if they were on benefits? Yes? No?

We get both Working and Child Tax Credit as my other half is on a low wage and I%26#039;m at home with our 9 month old son. I%26#039;ve been told that if you are in receipt of WTC you can get up to 70% of your childcare fees paid if you want to find a job.

OK, so I start looking for a part time job to get me out of the house and bring in some extra money. And what do I find?

Only that, if I get a part time job our income as a %26quot;household%26quot; goes up which means we either lose our WTC entitlement or have is significantly reduced to virtually nothing. Plus in doing so we also lose our entitlement to Childcare so in essence I would be working but would be worse off.

How does this make sense? I love being at home with my baby but the extra 鎷?would help.

Tax Credits system makes no sense sometimes!?

Completely agree, I%26#039;m currently serving in the RAF and my wife wanted to go back to work now our daughter is 1, but we found the same with the childcare issue - they give with one hand and take away with the other. We worked out that all my wifes wages would do is pay for childcare after the government took other benefits away, and at the end of the day my wife, like yourself would rather have the time with her daughter. It sucks *** that those in this country who want to get off their backside and contribute to the economy are forced to stay at home by an inappropriate and ill-devised system. Now consider the long term effects, in the event my wife and I separate in the future - 10 years from now say - after a decade of living on my income she is now untrained, unqualified, unable to get a decent job and will then have to rely on the government for benefits to support herself, adding further strain to a crumbling system that is already struggling to support a large number of immigrants. All this because they wouldn%26#039;t support her drive to work and contribute. Take this on a nationwide scale and in a few years the country will be on it%26#039;s knees.

Tax Credits system makes no sense sometimes!?

It doesn%26#039;t make sense - but there are druggies and immigrants to pay for

Tax Credits system makes no sense sometimes!?

You are learning how it really works!

Many people are on the low end, the bottom 1/2 of tax-paying families make 25,000 a year or less! Couple that with child-care and medical care! It really means that over 1/2 of America lives in poverty!

They deal with a system that devalues children and parents!

Tax Credits system makes no sense sometimes!?

I think it is wrong of people to take money from their government and vice versa. If you are able to work then you should, never take hand outs it demeans your individual freedom.

Want to know if there is any time line foe applying for the canadian tax credit for children in Onta

call 1800 ocanada they can answer any questions you have about the gov i have used it a couple of times its really helpfull

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

And please don%26#039;t say, %26quot;for the economy%26quot;. The economy benefits when a person has a child. If a man works two jobs while she%26#039;s at home, the couple don%26#039;t get the Child and Dependent Care credit. If the man works the day shift, and the woman works on nights and weekends, they don%26#039;t get it. If the woman provides daycare out of her home, they don%26#039;t get it. And of course, if the woman or man is a primary caregiver, and the other spouse works one job, they don%26#039;t get it.

How is it %26quot;feminist%26quot; to spend literally BILLIONS of dollars to help people achieve the goal of using daycare? Why not scrap it and replace it with direct child tax credits to every parent, or every parent that is low-to-middle income? Currently, the %26quot;regular%26quot; child tax credit has shrunk while the %26quot;daycare only%26quot; credit has ballooned. So what%26#039;s stopping feminists from fighting for this?

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

Sounds like a good idea to support day care and parents, regardless if it%26#039;s for single mothers, single fathers, or couples. I%26#039;d like to see day care and parental support for gay families and for families where the parents don%26#039;t want to marry, but that will be the day when people who are as old as our parents and grandparents support either of those types of families.

I%26#039;d like to point out that if the majority of households in the US are not made up of a married couple and children, with one partner working solely at home, then if feminists are focusing more on daycare, they are working towards helping the majority of families. But I agree, it would be also helpful to help all combinations of families, but it will be a long time until my gay friends with kids get any support for their children.

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

I hate to make it sound so pithy, but basically the idea behind feminism is to give zero credit to the man and 100% credit to the woman. So, the idea behind daycare (to the feminists and radical feminists) is that it%26#039;s used by single mothers but since it%26#039;s not exclusively used by single mothers they can%26#039;t justify giving married couples tax breaks.

Did that even make sense?

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

I couldn%26#039;t agree more. This gender spending chiefly benefits only one group: single women professionals with a child.

But single men who work and use daycare centres surely benefit too?

I%26#039;m only in favour of assisting low-income parents/families anyway. The ones who can afford to pay child-minding fees don%26#039;t need it.

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

I don%26#039;t support either - feminists have many different political outlooks, including those who believe in no welfare state at all. If it was up to me, you wouldn%26#039;t even have paid daycare, let alone tax credits :-)

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

can%26#039;t speak for feminists, but I don%26#039;t believe in any kind of monetary incentives to have kids. I think people that choose to have them should pay for their care and upkeep. That tends to weed out the people that shouldn%26#039;t be breeding in the first place.

And we wouldn%26#039;t be here in the form we are in - any of us - if nature had been any less ruthless. Why should human systems try to go against natural selection? Look at the damage that still nascent effort has already done.

And yeah. I have a kid and have raised other people%26#039;s kids.

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

i think publicly funded daycare should be available to all who want it. it matters not if you are rich or poor, you still can send your kids to public school. many who can afford it choose private education, but they don%26#039;t have to. for low income families public schools are invaluable. why not extend those resources and standards to child care?

am i suggesting that daycare be mandatory for all? no. however, i know a few stay at home moms who don%26#039;t have a social support system that allows them to visit a doctor without children in tow. we need a system that is helpful to all.

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

The theory behind it is that someone needs to care for the child while the parents are working. It is a necessary expense of working, like uniforms, tools, etc.

I don%26#039;t think we should be giving any credits to people to simply HAVE children. You wanted them, YOU support them. I have enough complaints about paying for public schools when I sent my children to private schools. But I guess they are a necessary evil.

EDIT:

No, I am not for a credit that subsidizes your CHOICE to stay home with your children. No one is GIVING anything to a childcare center, nanny, after school program, etc. It is a partial reimbursement for payment for the cost of child care for working parents. If you don%26#039;t pay it, you don%26#039;t need to be reimbursed for anything! The goal is not to subsidize child care centers. AGAIN: It is a necessary cost of working. Unless you want us to leave children home alone.

We always had too much income to be eligible to be reimbursed for our child care expenses.

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

%26quot;Why not scrap it and replace it with direct child tax credits to every parent, or every parent that is low-to-middle income?%26quot;

Do you really imagine that some paltry direct child tax credit is going to make up for the need for a second salary to pay the bills? That must be SOME tax credit you%26#039;ve got in mind. $60,000 per year, huh? Wow.

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

I hope those who make complaints about other people choosing to have children feel the same way when those children start subsidizing their Medicare and Social Security. I know they won%26#039;t. Instead, they%26#039;ll be among the first to have their hands out. Those children have every right to complain. Why should they want to help subsidize people who didn%26#039;t want their tax dollars to help pay to send them to school or for anything else that benefited them while they were growing up? Think about that the next time you complain.

Why do feminists support daycare subsidies, but not direct tax credits to all parents?

I don%26#039;t know how it works where you come from, but in Canada, both parents can claim a certain amount per child on their income tax return.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

By taking the following credits:

Credit for Child Care Expense

Child Tax Credit

Earned Income Credit

Additional Child Tax Credit

while claiming Head of Household, I am calculating a refund greater then what was taken out of my paycheck last year. Is this possible??? Everything mentioned above are valid credits that I am entitled to.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

With the earned income credit you can get back more than you paid. There is even a form you can fill out that will let you get it added to each paycheck.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

Yes...very possible. They are credits, not deductions...so you get the full amount even if you didn%26#039;t pay that much in.

Can I get 10% :-)

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

Yes...it is most definitely possible that you could be eligible for a higher income tax refund than what you paid in. Happens to my daughter all the time. Low income....lots of kids. Deadbeat ex-hubby!

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

yes this is possible. It falls under the earned income credit. you made less than the allance for so many in a family and you are compensated for that.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

Yes, because these are %26quot;tax credits%26quot; , the government gives you this money plus whatever was withheld from your paychecks if you are eligible . The website below will explain each credit.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

congrats..its possible and i%26#039;ve been in the same situation...get your money and enjoy..thats what i do...

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

There are two types of credits...Refundable and Non-Refundable.

Refundable credits are not limited to the amount of your tax while non-refundable credits are.

The earned income credit is a refundable credit so it is possible to receive a refund greater than your total tax.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

It all depends upon where the credit is given. If the credit allows you to deduct from the income, it will reduce the gross income but you cannot claim a negative income. If the credit is given towards the tax due or refund owed ( the earned income credit, for instance ) then yes, it is possible to receive back more than you paid in.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

Even if you had claimed 4-6 exemptions or not any on your W4 withholding certificate, this amount is the amount you paid the IRS is federal as well as state withholding. Your tax liability is taken into consideration after your filing status, which was head of household and the amount for each exemption you are claiming, which for 2006 is $3300 each. Next there are credits such as child and dependent care, child tax credit which reduce the amount of your tax liability to the IRS. Then if you carry that down and subtract what your federal withholding was and if there is any additional child tax credits. Any amounts greater than what you paid in is what your refund would be. I%26#039;ve seen some refunds go well above $7,000 for a single parent being head of household and income and exemptions (you and the kids) within their guidelines with the credits I mentioned.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

Yes.

I made roughly $20,000 last year.

I had almost $800 withheld in Fed. Tax.

With the 4 credits above, I am getting approx. $5600 back from the IRS.

I claim 3 exemptions (myself %26amp; 2 kids) %26amp; single head of household on my taxes. I claim 3 on my W-4, so the tax that is withheld is right where it should be. If I was not able to claim the above 4 credits, I would only receive about a $600 return. If I would have wanted more back in my return and less in my paychecks, I would have only claimed 0,1 or 2 on my W-4. My employer would have withheld more taxes and my refund would be bigger.

I also have student loan interest and also that new telephone tax credit as well.

Who says kids aren%26#039;t good for anything???? lol...just kidding!!

If you make under $53,000, you can file FOR FREE on the IRS website.

www.irs.gov and look for the %26quot;free file%26quot; link. It will be there tomorrow. Follow the directions and it will bring you to a list of companies that you can file through. I have used H %26amp; R Block for the past few years and I have never had any problems. It is easy and if you do it this week, you should have your return, if it is direct deposited, on the 26th of Jan.

If you need any more help, let me know. I have done taxes for 6 years both on my own and for a professional company.

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

Yes, most likely if you qualify for a child tax credit, Earned income credit and so on, You will probably get all of your with holdings back along with your credits. It just depends on your income and how much you had withheld. This is on federal taxes, the state is a whole different story!

Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

Only the EIC and the Additional Child Tax credit are refundable, which means you get them whether you owe any taxes or not. The Child Tax Credit and the credit for Child Care Expenses reduce your taxes, and can reduce them to zero, but you don%26#039;t get the difference back in cash.

Do We Qualify For Tax Credits?

We where getting Working Tax Credit and Child Tax Credit, It came to roughtly 鎷?50 a week, We go a letter yesterday we no longer qualify for working tax and we have to repay 鎷?00.

I earn 鎷?0,400 a year after tax or 鎷?2,790 before my girlfriend earns 鎷?160 a year after tax.

Do We Qualify For Tax Credits?

well both me and my partner earn 11,000 a year each think my partner may be on a little more ?after tax and we get child tax credit but we are not entile to tax credits where u can get free eye tests ect, i would look in to it further if i was u

good luck

Do We Qualify For Tax Credits?

You may get away without paying the money back I know of 2 people who have owed mney for 2/3 years. The system is in such a bad state that they dnot appear to have the resources to collect overpayments.

Do We Qualify For Tax Credits?

Contest it they%26#039;re wrong

Do We Qualify For Tax Credits?

Ask them to look at it again because that doesnt sound right to me.

Do We Qualify For Tax Credits?

It depends on circumstances. how many children you have etc. i need more information. And they will chase you for the money , it may take a few years but they won%26#039;t forget. i owed 鎷?00 from 03/04 and started paying it back late last year.

Do We Qualify For Tax Credits?

you need to check your award notices, firstly put them in date order - then have a look at the 06/07 Initial Award notice, on there it will tell you how much you 2 amounts, that you can earn between before you would be overpaid, if you%26#039;ve made any changes that would produce another award notice, keep checking those income bands.

you could have to repay the working tax if you didn%26#039;t inform them straight away that your income had increased.

If you%26#039;re not happy phone them up and ask them for explanation, if that still doesn%26#039;t answer your question, ask them for a letter showing the reason for recovery. If once you get that you%26#039;re still not happy ask for COP26 form to dispute overpayment amount.

2006 Earned Income Credit tax question?

My boyfriend and I have two children. We both work. He works full time, I work part time. He is claiming our two children on his taxes for the earned income tax credit.

My question is, since I earned less than $4000 (just started working in Oct), can I claim zero dependants and take the $160 earned income credit since I am filing single status, or am I disqualified for this because he is getting a credit back for our two children?

2006 Earned Income Credit tax question?

Yes, you can get a small EIC even if you are not claiming any children on your return. Since you%26#039;re not married, your returns are totally separate, so it doesn%26#039;t matter that he%26#039;s claiming the children. Your income is low enough that you can get EIC even without any dependent children.

This assumes that you are at least age 25. If you%26#039;re not, then you aren%26#039;t eligible for EIC without having a dependent child.

2006 Earned Income Credit tax question?

You cannot claim earned income credit if he is claiming the two children and head of household.

2006 Earned Income Credit tax question?

whoever claims the children as dependents is eligible for the earned income tax credit. therefore, that would be your boyfriend.

2006 Earned Income Credit tax question?

Your suspicion that you are disqualified for the EIC because of the children is correct.

The EIC is based on how many qualifying children you have, not how many qualifying children you put on your tax return.

Since you have a qualifying child, even though you are not claiming the Earned Income Credit for that child, you are not allowed to claim an EIC for yourself.

2006 Earned Income Credit tax question?

I%26#039;ll have to agree with the the fact that you cannot claim EIC based on the children and that if you are at least 25, you can get the Earned Income Credit based on your income without any children (although it will be only about $300.)

The WealthBuilder

Tax Specialist

2006 Earned Income Credit tax question?

You should be able to get some kind of earned income credit just for filing single and claiming yourself because you made under a certain amount of money. go to www.shaydzofluv.com for a free estimate on both of your taxes and they can let you know as soon as you fill out the info and they key it in.

How are Tax credits paid now? Im single mum and just started work but will be paid monthly?

I know the child tax credit is paid weekly but is the working tax credit still paid monthly with your wage?

How are Tax credits paid now? Im single mum and just started work but will be paid monthly?

Tax credit awards are paid into your bank account/building society every 4 weeks.

You should receive a letter from The Tax Credit people telling you exactly how much and the dates you will be paid.

Part 2 - Filing 2006 Taxes - Married filing Separately & Claiming A Step Child?

After looking over my taxes, I have another question - If I do allow my soon-to-be-ex to claim my daughter from previous marriage as his dependent, but he does not qualify for the EIC. Can%26#039;t I claim her just for the sole purpose of EIC since I do provide all of her expenses??? (I don%26#039;t qualify for the Child Tax Credit due to no tax liability based on my income, but the soon-to-be-ex gets the Child Tax Credit, claiming her, but he does not qualify for the EIC.) I already claim my college student son for the EIC, but if I also claimed my daughter I would get a larger EIC credit.

Part 2 - Filing 2006 Taxes - Married filing Separately %26amp; Claiming A Step Child?

Yes you can as long as she lived with your for over six months.

Part 2 - Filing 2006 Taxes - Married filing Separately %26amp; Claiming A Step Child?

whoever takes care of this child for 6 months or more has the ability to claim the child. This should have been settled in the divorce proceedings.

The child support office holds my tax refund. Can they do that if the earned income credit isfor kid

Earned income credit. Hold on my tax refund for back owed childsupport. BUT the refund is for earned income credit for the 2 kids with me now.

The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?

You have prior obligations you haven%26#039;t fulfilled. So YES, they can and will. And they%26#039;ll grab your tax rebate, also.

It isn%26#039;t fair for the kids now living with you, but it%26#039;s fair to the kids who haven%26#039;t had the support they deserved.

And it will lower the arrearage you now owe.

The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?

It doesn%26#039;t matter if the refund is for the children that are with you now. As long as the return has your name and social security number on it, the whole amount will go straight to back child support until the arrearage is caught up.

The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?

Yes they can and will - back child support takes precedence over your current situation.

The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?

yep sorry should%26#039;ve paid your child support,

The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?

it doesn%26#039;t matter what you got the money back for taxes - or for what children - if you owe back child support - they are going to take it - regardless.

The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?

Yes. That is your tax refund, not your kids tax refund. Those are credits that YOU are getting, not the kids. The credits may be due to other children, but ultimately it%26#039;s technically your money not the new kids. You filed the tax return, not the kids. Sucks I know.

In a non-relative guardianship is the child a qualifying child on taxes?

I am the legal non-relative guardian of a child that has lived with me all year. I claim the child as a dependent on my taxes, but does the child count as my qualifying child (or anything else) to be claimed on the child tax credit or earned income tax credit. Or is there anything else that I can claim regarding the child?

In a non-relative guardianship is the child a qualifying child on taxes?

If child was placed with you as a foster child by an authorized placement agency (Child and Family Services, for example)or the judgment or order of a court of competent jurisdiction then the child is your Qualifying Child for tax purposes, including the credits you mentioned.

In a non-relative guardianship is the child a qualifying child on taxes?

you are entitled to claim as a dependent anyone you support regardless of their legal status to you (as long as they are legally citizens). most health plans also allow for coverage of dependents supported, not just blood relatives or ones acquired through marriage and adoption. Report It

Can I claim both children on Earned Income credit?

My ex %26amp; I divorced in May 2007. We have 2 children. we each are claiming 1 on our W-4%26#039;s. We each are also claiming one child on the Child tax credit. Now if he makes over $32,000, he would get $0 back on the earned income credit. Am I able to claim both children on earned income credit if he makes over $32,000? Also, If he makes under $32,000 and can claim earned income credit but I would get more money if I claimed both children, can I claim both or does he have to use the earned income himself??

Can I claim both children on Earned Income credit?

In the absence of a court order (divorce decree), the custodial parent gets to claim the children unless a signed 8332 is filed with the non-custodial parent%26#039;s return.

Only the custodial parent can claim the Earned Income Credit regardless of who claimed the children on the tax return.

See page 46 of the 1040 instructions.

http://www.irs.gov/pub/irs-pdf/i1040.pdf

Can I claim both children on Earned Income credit?

you will have to abide by the divorce degree. The court has said how they can be claimed. So if the papers say he gets to claim one child - you can%26#039;t claim the child. Even though he doesn%26#039;t get the earned income credit he will still get a tax break for the child.

Can I claim both children on Earned Income credit?

The person who provided over half the support of the children can claim them both. The non-custodial parent can not claim them unless the custodial parent signs off on IRS Form 8332 or similar document. The court order is meaningless to IRS. To claim earned income credit you must file as married filing jointly or head of household.

Can I claim both children on Earned Income credit?

It is best to speak to a tax professional in the area where you live. When you file your tax returns you must use the name on your Social Security Card, if you do not, there will be problems with electronically filing your tax return. Make sure you have your children%26#039;s Social Security Cards when filing your tax return.

When your ex-husband files his tax return, make sure he has copies of your children%26#039;s Social Security Card and Form 8332 signed and dated. Form 8332 can be downloaded from the IRS Website and may have to be signed and dated by a notary of public.

I would suggest sitting down with a tax preparer prior to filling out Form 8332 before completing Form 8332.

You are the custodial parent, therefore you are eligible to claim the children for the EIC, head of household filing status (their are specific rules to claim this filing status), the credit for child and dependent care expenses, and the exclusion for dependent care benefits.

Your ex-husband is able to claim the children for the dependency exemption and child tax credit. Your ex-husband would have to attach a Form 8332 to his tax return.

There are special rules for divorced parents. I have included part of the Publication for you to read and a web-site explaining the Earned Income Credit.

The child(ren) received over half of his/her support for the year from the parents.

The child is in the custody of one or both parents for more than half of the year.

Either of the following statement is true.

The custodial parent signs Form 8332 or a substantialy similar statement that he or she will not claim the child as a dependent for the year, and the noncustodial parent attaches the form or statement to his or her reutn. If the divorce decress or separation agreement went into effect after 1984, the noncustodial parent can attach certain pages from the decree or agreement instead of Form 8332.

If a child is treated as the qualifying child of the noncustodial parent under the special rule for children of divorced or separated parents, only the noncustodial parent can claim an exemption and the child tax credit of the child. However, the noncustodial parent cannot claim the child as a qualifing child for the other tax benefits listed. Only the custodial parent or other eligible taxpayer can claim the child as qualifying child for those thax benefits.

Rules for the Earned Income Credit

Your adjusted gross income cannot be more than the limit.

You must have a valid social security number.

Your filing status cannot by %26quot;Married filing separtely%26quot;.

You must be a U.S. citizen or resident alien all year.

You cannot file Form 2555 or Form 2555-EZ.

Your investment income must be $2,800 or less.

You must have Earned Income from a job or self-employment.

Rules if you have a Qualifying Child

Your child(ren) must meet the relationship, age, and residency tests.

Your qualifying child cannot be used by more than one person to claim the EIC.

You cannot be a qualifying child of another person.

Your Adjusted Gross Income must be less than:

$36,348 if you have more than one qualifying child

$32,001 if you have one qualifying child

This credit is called the %26quot;earned income%26quot; credit because, to qualify, you must work and have earned income. If you are married an file a joint return, you meet this rule if at least one spouse works and has eanred income. If you are an emplyee, earned income includes all the taxable income you get from your employer.

You can choose which person will claim the EIC. If you and someone else have the same qualifying child, you ant the other person(s) can decide which or you, if otherwise eligible, will take all of the following tax benefits based on the qualifying child.

The child%26#039;s exemption.

The child tax credit.

head of household filing status (their are specific rules to claim this filing status)

The credit for child and dependent care expenses.

The exclusion for dependent care benefits.

The EIC.

The other person cannot take any of these six tax benefits unless he or she has a different qualifying child.