Can I Claim My 15 B/e On Fees Despite The Fact That He Invested Last School Year Watts/other Parent Who Owes Me 34k In Child Support?

[ryscford]

My kid remained with extra guardian from 8/09 to 6/ten. I supplied apparel, medical, medications. Added parent hasn't covered for healthcare expenses or apparel, only a roof and food. Guardian owes me more than $34,000 in help and I've legal custody. Costs need to certanly be obtained and directed at me anyhow to safeguard the debts. If I do claim my kid, just how considerably am I getting out-of other parent's wallet?

[nathaniel]

This is genuinely hard to estimate, but here is an example. Married filing separately, $50,000 of income, two exemptions,(one particular for self and one particular for youngster. I did not figure any deductions so we could figure just the value of the exemption. Tax $five,031. With a single exemption, tax 5944. So the $3,700 exemption is worth about $900. Of course this would modify depending on what sort of deductions.(Mortgage interest, healthcare, IRA contributions, individual organization expense, and so on.Use this calculator to attempt and see if you can come up with an acceptable number.http://www.dinkytown.net/java/Tax1040.html   WEALTHADVISOR 35 months ago http://www.dinkytown.net/java/Tax1040.html

[Gregorio]

First of all, taxpayers may claim a dependent for a person who meets the criteria as a qualifying relative. This is either a qualifying child or a qualifying relative.The dependent can't be a qualifying child of another taxpayer.The dependent must earn less than $3,650.Your must provide more than half of the total support during the year.You must be related in certain ways. Son, daughter, grandson, granddaughter, stepson or stepdaughter or adopted child. Brother or sister, half brother or half sister, mother, father, grandparent or great-grandparent, nephew or niece, aunt or uncle, any in-law. The above do not have to live with you.If the dependent is married the dependent can't file a joint return.The dependent must be a U.S citizen. So the key here is, did you pay for more than half the total support during the year. If you paid for more than the 50%, you get the deduction. It not, the other parent gets the deduction.Child support is not taxable as income and is not tax deductible. But a parent who pays child support may be able to claim the child as a dependent. Since it appears the parent is not paying child support, the deduction favors you, but it goes back to the greater than 50% rule.Each dependent is worth $3,700. But it is not worth $3,700 in tax savings. This just lowers your adjusted gross income. There is also a $1,000 child tax credit, but you need to be under $55,000 for married filing separately, and $75,000 for a single parent.It is too difficult to compute what the other parent would lose in tax deductions without seeing their taxes.   WEALTHADVISOR 35 months ago