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Tax Questions...help please :)

My SO and I aren't married so we obviously file separately. Im just curious to know which one of us should claim our son. I did last year and just wondering who should this year?? It doesn't matter to either one of us, as we are one big happy family, but we are trying to get back as much $$$ as we can to help minimize our debt. Any tips would be really helpful, I just feel greedy by going somewhere like H&R and asking them which one of us would get back the most by claiming.

Here's some stats if it helps:

SO- made $13,000 (no taxes paid) from unemployment as he was laid off
- made $9,700 from the job had had the last part of the year and paid ($940 Fed) ($500 State)
-Owes $700 yet in taxes

ME- made $7,500 paid $300 Fed $120 State
-also made $2,500 unemployment (hrs were cut) no taxes paid on that

*Please no bashing. I just want some honest opinions...thank you!!

 
Anonymous

Asked by Anonymous at 5:53 PM on Feb. 17, 2011 in Money & Work

This question is closed.
Answers (6)
  • I used a tax estimator- http://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1

    and ran it both ways. It looks like your total tax liability will be lower if he claims your son. You'd get a refund of about $900, and your SO would get a refund of $3347. The other way you'd get a refund of a little more than $3900, but your SO would owe in about $250.

    I'm not sure what you mean by him still owing $700 in taxes though.

    I agree with the other posters-run it both ways and find out which way gives you the lowest tax liability.
    Good luck =)
    Erica_Smerica

    Answer by Erica_Smerica at 7:53 PM on Feb. 17, 2011

  • If you are paying a preparer it is their job to help you with these type decisions, so don't feel bad about asking. If you are doing your own, then try it both ways before you finalize your return and file. Also, state reporting is different in every state, as well as different from federal, so that could effect your decision.
    Anonymous

    Answer by Anonymous at 6:11 PM on Feb. 17, 2011

  • In most states you/he can file as head of household, combining incomes. Try it out all three ways and see which is best for all of you. Since he made more than you did, he would be the head of household.
    Kimimale

    Answer by Kimimale at 6:24 PM on Feb. 17, 2011

  • Use turbo tax like erica said.
    KARRIEMARIE

    Answer by KARRIEMARIE at 9:27 PM on Feb. 17, 2011

  • Really either of you can claim him but if your SO does then you might be better off. He has the most unemployment and if it is untaxed those taxes will still have to be paid. So even if you got more back, some would go back to the state if that makes sense? I think based on the numbers also he would still get back the most because his income was 9700 and yours was less. EIC has a table and the peak amount I am not sure of but your SO is closer to the peak (most to get back) then you are.
    gemgem

    Answer by gemgem at 5:56 PM on Feb. 17, 2011

  • Do your taxes both ways, and see which comes out better
    rkoloms

    Answer by rkoloms at 9:09 PM on Feb. 17, 2011

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