Will getting married to my boyfriend allow us a larger tax credit for filing jointly and receiving a child tax credit? =====>It depends but in general yes; as you can see, The Child Tax Credit is an important tax credit that may be worth as much as $1AK per qualifying child depending upon your income I mean UNLESS your AGI is very high; To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2015; The credit is limited if your MAGI is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110K .In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
We have a 2 year old and one more on the way and we aren't married and I claimed him because I made less. =====>I guess you did not claim him because you made less but you claimed the child because the child was your child ,NOT his and you were not married; so he could not claim the child UNLESS the child lived with him for the whole year and he must have provided more than half of the child’s support.
I received quite a bit for our son filing as single. =======>I guess so; you could claim the CTC of $1K/ personal exemption of $3, 900 or you might claim EITC aslongas your income was low enough on your return.
Will we get more in tax credit if we are married and we are only on his income? It will be a family of 4 then instead of a single parent with two dependents. He makes 30,000 a year we live in Washington.======>>I think so; Married taxpayers have the choice between filing a joint tax return or a separate tax return. The Married Filing Jointly filing status provides more tax benefits than married filing separate filing status. I guess you can claim CTC of $2K for two kids; tow personal exemptions of $8K for 2015 and REFUNDABLE EITC (Earned Income Tax Credit up to $5,548 with two qualifying children;, is a benefit for working people who have low to moderate income. A tax credit means more money in your pocket. It reduces the amount of tax you owe and may also give you a refund.). To claim EITC, you MUST file MFJ not MFS. To get EITC, your combined AGI must be LESS than $49,974 married filing jointly with 2 qualifying children, |