What is the name of your state? New Jersey
Hello,
I hope someone can clear up this question for me. I know LDiJ is a tax professional, so I am hoping that you can really help me out.
I have been living with my fiance for 4 years. I have a 9 year old son from a previous marriage. He is living with us and I have a full custody as his father is in another country and has no contact with us for over 6 years. I have been claiming my son on my tax return as a dependant every year. I make 50K a year and have been getting arounf 3K in return. Now my boyfriend/fiance wants to claim him. He is saying that since we live together and split everything pretty much 50/50 - that it would be fair if he claims him. He wants to take turns in claiming him and he wants to start NOW. Meaning that he would like to claim him as his dependant on his 2007 return.
My problem is that we are in the middle of the year by now, and if I am not mistaken my taxes were being taken out every paycheck as I have a dependant. If I do not claim my son this year - will I be penalised and will I have to pay something to the IRS? Should I contact my payroll people and tell them to change the number of dependants to zero? Will it impact my paycheck if I do so? What should I do if we decide that he should claim him this year??
If he claims him, and I do not - what would be my tax return based on 50K?
Thank you for advice!
Hello,
I hope someone can clear up this question for me. I know LDiJ is a tax professional, so I am hoping that you can really help me out.
I have been living with my fiance for 4 years. I have a 9 year old son from a previous marriage. He is living with us and I have a full custody as his father is in another country and has no contact with us for over 6 years. I have been claiming my son on my tax return as a dependant every year. I make 50K a year and have been getting arounf 3K in return. Now my boyfriend/fiance wants to claim him. He is saying that since we live together and split everything pretty much 50/50 - that it would be fair if he claims him. He wants to take turns in claiming him and he wants to start NOW. Meaning that he would like to claim him as his dependant on his 2007 return.
My problem is that we are in the middle of the year by now, and if I am not mistaken my taxes were being taken out every paycheck as I have a dependant. If I do not claim my son this year - will I be penalised and will I have to pay something to the IRS? Should I contact my payroll people and tell them to change the number of dependants to zero? Will it impact my paycheck if I do so? What should I do if we decide that he should claim him this year??
If he claims him, and I do not - what would be my tax return based on 50K?
Thank you for advice!