Tax Return

[DK1]

As a tax professional, I have some serious concern when you state that the actual tax benefit is 5 times higher than what mom said it was. That tells me that there is a very real probability that you did something wrong with your original tax return.

Various calculators are confirming my accounts results.... but I am interested in what you think the average dependent benefit is for single middle income individuals with one child....

yes, I also have a serious concern that she stated that the actual tax benefit is 5x lower than it actually is......

 

[mistoffolees]

Various calculators are confirming my accounts results.... but I am interested in what you think the average dependent benefit is for single middle income individuals with one child....

yes, I also have a serious concern that she stated that the actual tax benefit is 5x lower than it actually is......

Geez, get it through your head. IT DOESN'T MATTER what your ex said. She could have said that the moon was made of green cheese and if you had a 20 foot ladder you could get some for yourself and that the IRS would accept green cheese in lieu of greenbacks. {note to OP - since you're apparently willing to believe whatever you're told, I'd better explain to you that this isn't true. The IRS won't accept green cheese in lieu of greenbacks}


It is up to you to determine your own financial matters and you can't change an order simply because you took her word for something that is completely wrong. YOU signed a document which was incorporated into a final decree. 'Final' means final.

Oh, and btw, if you mis-estimated the tax benefit of a deduction by a factor of 5, then it's either too small to worry about or you should stop handling your own finances.

 

[LdiJ]

Various calculators are confirming my accounts results.... but I am interested in what you think the average dependent benefit is for single middle income individuals with one child....

yes, I also have a serious concern that she stated that the actual tax benefit is 5x lower than it actually is......

It depends on your tax bracket and the age of the child. Assuming that you are not eligible for earned income credit (and you should not be since the child does not live with you for MORE than 1/2 of the year) and assuming that you are in the 25% marginal tax bracket, and assuming that you are properly filing as single (since again, head of household is not available to you since the child does not live with you MORE than 1/2 of the year) and assuming that the child is still young enough for the child tax credit to apply....then the benefit should be 1000.00 for the child tax credit, and 912.50 for the exemption, for a total of 1912.50.

If the child has turned 17, then the child tax credit drops off and its then 912.50 total

If you have other children, and/or have itemized deductions that drop your taxable income into the 15% marginal tax bracket then the amount for the exemption drops to 547.50.

So basically, it could be anywhere from 547.50 to 1912.50, depending on your overall circumstances.

 

[mistoffolees]

It depends on your tax bracket and the age of the child. Assuming that you are not eligible for earned income credit (and you should not be since the child does not live with you for MORE than 1/2 of the year) and assuming that you are in the 25% marginal tax bracket, and assuming that you are properly filing as single (since again, head of household is not available to you since the child does not live with you MORE than 1/2 of the year) and assuming that the child is still young enough for the child tax credit to apply....then the benefit should be 1000.00 for the child tax credit, and 912.50 for the exemption, for a total of 1912.50.

If the child has turned 17, then the child tax credit drops off and its then 912.50 total

If you have other children, and/or have itemized deductions that drop your taxable income into the 15% marginal tax bracket then the amount for the exemption drops to 547.50.

So basically, it could be anywhere from 547.50 to 1912.50, depending on your overall circumstances.

Or it could be zero if the person makes enough money for the exemption to phase out. Or it could be virtually any other number under a couple thousand depending on child care expenses, tax bracket, and so on.

It's sort of pointless to try to tell OP what the deduction is worth unless you want to do his taxes for him.