In past years, when I was working, I would get back more than I even paid in because of kids. Now I have zero income. Is there any benefit at all to claiming kids if I have no income?===>UNLESS you have taxable earned/unearned income , there is no need to file your return UNLESS your kids have investment income exceeding $2KUnearned income above that amount is subject to the Kiddie Tax ? that is, your marginal tax rate and may reduce your tax liability by claiming your kids as your dependents on your return..as you have no income, you have no reason to file a tax return. While there are some tax credits that generate a refund, the Earned Income Tax Credit for example, even when there is no tax, there is usually a requirement that there be some income to report on a tax return.
I will only be filing for selling two homes. Last year I did my own taxes and also had no income and got zero back. Not sure if I messed up or if that's correct.======>say in 2016, you have only one dependent, your LTCG is lower than or equal to $14400, then as your std dedu is $6,300 and per exem for youand depedennt is $8100, no tax at all as your taxable icnoem is zero |