About how much income tax would i get back for my baby who?
Answer:
Yikes, there are alot of variables to this question.
First is the personal exemption you get for each child. That amount for 2006 will be $3,300.
Having a dependant child would most likely qualify that person to Head of Housold status, instead of single. HoH status provides a larger standard deduction. $7,550 instead of $5,150 for 2006. It also provides a higher threshold for AMT and for phase out of exemptions.
This just lowers the taxable income. Now lets look at credits.
The child tax credit is $1,000.
As He carries the child on the return, only he can take any of the Dependant care credit available for the expenses of babysitting or other care expenses for the child. A good planning method is 20% of the expenses up to $1,050 is the credit.
Anyone with a child qualifies for the earned income tax credit, but the amount of credit available, if any, depends sorely on income.
Of course, none of this factors into account your state tax deductions and available credits dependant on where you live. Also you should check to see if UPS has any assistance programs designed for single parents.
Try using Turbo Tax or Tax Cut for planning like this. It may help.
Good Luck!
In 2005, the standard deduction for a dependent was $3200.
^^^^^^but it depends on income
What do you mean, her daddy is going to carry her? If you are giving him permission to claim the child on his taxes you get 0.
there is a standard deduction. there is earned income credit but i cant say with out knowing your income and which state you live. you can get last years tax book from any tag office or tax preparer and look it up.
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