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| *Loan,banking and credit>>>child tax |
My boyfriend and I share a home and a child. Who should claim head of household to maximize tax returns? |
He made 15x more money than I did last year.(I dont know if that matters) Can we both be head of household since we are not married? Generally, you may claim head of household filing status on your tax return only if you are unmarried and pay more than 50% of the costs of keeping up a home for yourself and your dependent(s) or other qualifying individuals. Only one of you can claim HOH Source(s): Internal Revenue Service 1-800-829-1040 It's not possible to answer your question without actual figures. Calculate your returns both ways and see who benefits more. The easy answer is that the person who makes more will get more from claiming the child, but with the Earned Income Credit figured in, that answer isn't always right. The person claiming the child can file as Head of Household if he or she meets the other requirements. The other person can't, for a couple reasons: one, you need a dependent to file as head of household; secondly, one of the requirements for filing as Head of Household is that you provided MORE THAN half of the expenses of keeping up the home, and you can't BOTH have provided more than half of the expenses of keeping up the same home. No Unless you file jointly(which by your question-I am guessing no) the claiming of the child would go to who's last name she has for child credit. As for head of household, 1-who is having more money taken out of thier paycheck (when you get paid)-they will recieve the bigger refund, 2-these are estimations, best bet would be to go to the irs website and check the faq's on your ?? and see if the answer is there. Best of luck. |
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