Tax Credit Private School
August 17th, 2010
Question: Help with W4 and other tax questions?
I am married, with 2 children and 4 stepchildren living with me. 2 of the stepchildren will be claimed as dependents by their father (even though we pay the lion’s share), and I will claim the other 4 (because the other father is behind on his support).
I can not file a joint return with my wife because she owes back child support. She has 0 income, so I believe is not required to file a return.How many exemptions should I claim on my W4?
I was dumb and claimed an exemption for each child living with us and am afraid I will end up owing because with 8 exemptions (6 kids plus my wife and I) there was almost no federal withholding for 07.
Can I file head of household? If I file married/seperate, I can’t get the EIC, or deduct student loan interest, etc.
3 of the kids are in private school (because the public schools here SUCK). Is tuition deductable, or is there a credit, or ANYTHING?
My taxable income for 07 was 33,000
ANY HELP IS GREATLY APPRECIATED!
Answer: Ignore ALL the ‘rule of thumb’ advise you get here. Ignore the W-4 worksheet as well. Use the withholding calculator on the IRS website.
PS. With 6 kids, little or no withholding MAY be correct. You CAN’T file head of household. you SHOULD file a JOINT return with your wife.
Note: if your W-2 income was $33,000, your TAXABLE income was closer to ZERO.
House Approves $26 Billion for Teachers and Medicaid
In the midst of their August recess, House lawmakers returned to Capitol Hill to vote to approve legislation to provide $26 billion in aid to states to avoid teacher layoffs and Medicaid cuts, paid for in part by clamping down on foreign tax credits.
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