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Question regarding deductions and having my first child
Posted on 4/15/15 at 3:53 pm
Posted on 4/15/15 at 3:53 pm
My wife and I have a 6 month old. He was born September last year. Talking with my brother in law, he told us they got a very large return the first year he was born. They also lived in TX and make more money than us.
Well this year, we filed (back in February), and didn't get much back at all from the feds/state. I think i filed as married and 1 dependent. I was under the impression you get a large write off for having a child. The tax lady told us that we make too much money to qualify for the child tax credit.
Also, we didn't put our child in daycare until February or March of this year. I am under the impression we can write off what we pay towards this daycare. So, in short, can i assume a larger return next year when we file?
(Sorry if this post is all over the place)
Well this year, we filed (back in February), and didn't get much back at all from the feds/state. I think i filed as married and 1 dependent. I was under the impression you get a large write off for having a child. The tax lady told us that we make too much money to qualify for the child tax credit.
Also, we didn't put our child in daycare until February or March of this year. I am under the impression we can write off what we pay towards this daycare. So, in short, can i assume a larger return next year when we file?
(Sorry if this post is all over the place)
This post was edited on 4/15/15 at 3:54 pm
3
Posted on 4/15/15 at 8:11 pm to BugAC
1) You file a return, you get (perhaps) a refund.
2) A refund is simply a math expression of the amount of tax you are charged, and the amount you have paid into the system.
3) A dependent is worth a personal exemption. This is subject to phase out at high income levels.
4) A child also is worth a child tax credit. This is subject to phase out at somewhat lower levels.
5) Child care is worth a credit, up to a certain limit.
All in all, an extra dependent won't cost you more in taxes, and it might provide some tax benefits. Saying things like a "large" refund is completely relative, and again, is nothing more than a expression of tax and tax withholdings.
2) A refund is simply a math expression of the amount of tax you are charged, and the amount you have paid into the system.
3) A dependent is worth a personal exemption. This is subject to phase out at high income levels.
4) A child also is worth a child tax credit. This is subject to phase out at somewhat lower levels.
5) Child care is worth a credit, up to a certain limit.
All in all, an extra dependent won't cost you more in taxes, and it might provide some tax benefits. Saying things like a "large" refund is completely relative, and again, is nothing more than a expression of tax and tax withholdings.
Posted on 4/15/15 at 8:40 pm to LSUFanHouston
quote:
3) A dependent is worth a personal exemption. This is subject to phase out at high income levels.
You'd think this would be reversed to encourage the best and brightest to procreate.
Oh well
Posted on 4/16/15 at 9:05 am to BugAC
quote:
Also, we didn't put our child in daycare until February or March of this year. I am under the impression we can write off what we pay towards this daycare.
Depends on your income for this. I paid $8500 last year for child care and got a $600 credit. If you and your wife make over $43000 that's all you will get.
Posted on 4/16/15 at 1:44 pm to Teddy Ruxpin
quote:
You'd think this would be reversed to encourage the best and brightest to procreate.
Well considering that the people who write the tax code aren't the best and brightest...
Posted on 4/16/15 at 2:09 pm to BugAC
I had twins a couple of years ago and didn't see a huge difference on my return. I don't think I adjusted my withholding but I can't really remember.
Posted on 4/17/15 at 7:04 am to LSUFanHouston
quote:
You file a return, you get (perhaps) a refund
Thank you! This is one of my pet peeves ha ha
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