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Starting a new family! Some tax help, please!

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Instant_Fam

Junior Member
What is the name of your state? WI

First timer... Great Site! (I initially posted in the Wage and Salary forum but, was advised to post here... sorry about the double post)

Here's my problem... I have a baby boy coming in mid-June, and I'm getting married (to the same woman ) in mid-October. She and I usually receive a decent tax refund from our current single filing status'. Now that things will be changing greatly for us, we'd like some advice.

Should/can we file jointly at the end of this year, even though we're not getting married untill later this year? Would we be able to receive a married tax credit this year?

W-4 questions: How many exemptions should I/we claim? How is Jr. going to figure into the equation? We figure we'll need every cent up front to help pay for Jr. and the wedding, but we definitely don't want to have to pay in come tax time, either. How should our W-4's be set up to make this happen? When can we change them? Do we have to wait untill the start of the new year?

We both are able to establish a dependant care flex spending account (money is tax exempt from our paychecks) at our workplaces. I believe together we can both claim up to $5000 a year. Once we establish these accounts, would it make a difference if one of us flexed the full $5k, or would it somehow be better for us to split it, i.e., $2500 for me, $2500 for her. Also, can we claim the money again at the end of the year? We figure our total child care cost per year will be $9400. Will only the $4400 difference be able to be claimed at the end of the year, as opposed to the total amount?

We'd really appreciate the help! Thanks in advance!
 


Snipes5

Senior Member
You have too many questions to be answered in a few sentences. Please take copies of your '04 tax returns, and your most recent pay stubs to your local H&R Block office and ask them your questions.

Advice is free, and they will be able to help you with all the variables of your situation.

Also, since daycare is so expensive, you might consider having one of you quit your job to stay home with the baby, or take opposite shifts so you don't have to put the baby in daycare.

Snipes
 

jkruler

Junior Member
As long as you are married at the close of the taxable year you can file a joint return. You also get a full deduction for any children that are born before the end of the taxable year.
 

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