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Old 01-24-2009, 02:41 AM   #1
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Question Time to do Taxes.... Suggestions or Opinions needed...

Ok so here is the deal, I was asked a tax question but I am not the most tax savy person so I thought I posted here.

I have a friend who has a baby with a girl who he is not with. So they are trying to find out which way will they get more money. If he claims the baby, he worked all year long, or if the Mom does, she worked half year since she was off in order to take care of the baby.

What do you guys think ?
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Old 01-24-2009, 04:59 AM   #2
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depends heavily on there total income you can always use a tax calculator like on HR blocks web site and just run both to see who gets more.
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Old 01-24-2009, 05:01 AM   #3
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From what I understand (and remember, the tax code is huge....too huge for any single person to say with authority that they "know all the tax laws"), the child can only be claimed by the person who the child resides the majority of the tax year with. Although, if there is child support involved, the person paying child support can deduct at least a portion of that from their own taxes. But, I can't say whether or not payments made qualify if they are not court-ordered.

Tell your friends to consult a tax attorney or CPA.
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Old 01-24-2009, 09:02 AM   #4
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A single mother will get way more most of the time.
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Old 01-24-2009, 03:40 PM   #5
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Originally Posted by Dan Stewart View Post
From what I understand (and remember, the tax code is huge....too huge for any single person to say with authority that they "know all the tax laws"), the child can only be claimed by the person who the child resides the majority of the tax year with. Although, if there is child support involved, the person paying child support can deduct at least a portion of that from their own taxes. But, I can't say whether or not payments made qualify if they are not court-ordered.

Tell your friends to consult a tax attorney or CPA.
That's mostly true.

Whoever the child resided with the majority of hte year is who is supposed to claim her as a dependant. You can not right off CS...only alimony.

Not to toot my horn, but just so you know...I went to school for accounting, my GF is a CPA, I have been doing my own taxes my whole life, AND I have 67% custody of my four kids..........along with paying CS and Alimony.
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A single mother will get way more most of the time.
WRONG. Male vs. Female has nothing to do with it.
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Old 01-24-2009, 07:36 PM   #6
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Pony is correct!

I talked with my CPA today and asked her about this, the child is deductible by the parent whom the child spends the majority of the time residing with. Child support is NOT deductible.

I didn't ask about alimony.

Reason I asked my CPA was because this morning, one of the guys I work with asked me the same question. I told him I would talk to my accountant for him.
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Old 01-24-2009, 10:08 PM   #7
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Ok guys thanks for all your help!

Consulting would be a good idea too.

Thanks again!
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Old 01-24-2009, 11:58 PM   #8
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Can my out of pocket tuition get me any more on my return?
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Old 01-25-2009, 01:03 AM   #9
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Can my out of pocket tuition get me any more on my return?
you gotta claim that. lifetime learning credit does not deduct from taxable income... it deducts from the tax you owe
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Old 01-25-2009, 01:14 AM   #10
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Hmmmmmmmmmm... point taken
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Old 01-25-2009, 03:04 PM   #11
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Pony is correct!

I talked with my CPA today and asked her about this, the child is deductible by the parent whom the child spends the majority of the time residing with. Child support is NOT deductible.

I didn't ask about alimony.

Reason I asked my CPA was because this morning, one of the guys I work with asked me the same question. I told him I would talk to my accountant for him.


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Ok guys thanks for all your help!

Consulting would be a good idea too.

Thanks again!
NP..glad we could help.

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Can my out of pocket tuition get me any more on my return?
NOt only tuition, but books/supplies as well. However there is a 'minimum' amount to claim. (IE: $300 will get you nothing).
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Old 01-25-2009, 03:41 PM   #12
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Can my out of pocket tuition get me any more on my return?
If you have your 1099 I believe the form is..
I have not received mine, but I can use I believe the taxes used, or whatever it is you are paying on the loan... Well let me say mine is a loan, so I get the 1099 from my student loan that I can use on my taxes..

Not sure about tuition though....
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