can unborn children be claimed?

[ndnicks]

What is the name of your state? Texas

Hello. I've only recently begun working and supporting myself and helping my husband support us. I'm new to filing taxes and don't understand a lot of things and how to do it. I'ma fraid he doesn't know much more than how to basically fill out efile and file our taxes like he did this year.

I am 20 years old and will not be 21 until april. We have one child together and another will be born in may. I'm having a lot of trouble getting a dependable answer on this without having to shell out cash for a professional so was hoping someone here can tell me.

Is it possibel for us to file separately, and each of us claim one child. Can an unborn child be claimed? Around the time we file, I should be two months from having my baby I believe. When I startedm y job this october, they suggested we claim 0 or 1, I claimed 1 because I wasn't certain. Should I have done that or not? I have a school loan that I've begun repaying, will this help me with my refund too? I want to get back as much money as I can, if that was a bad idea is it still possible to go back and change it at my job Human Resources office, or am I stuck?

If any of you people can help me, I would appreciate it very much. I would have done research and google things, but this really confuses me a lot and I dont understand a lot of the terms.

 

[babymakesone]

No, you cannot claim an unborn child. Each person on the tax return has to have a social security number.

Claiming 0 or 1 is the amount of taxes that are taken from your paycheck. If you claim 0, your employer will take more taxes. Sometimes this is better so that you won't have to pay in at the end of the year. If you go to the IRS website, there is a calculator that will show how much money in taxes should be taken out each year.

 

[ndnicks]

aww. oh well. There's no changing the baby's birthdate so we'll just have to file with her in 2006. Is it possible to change my dependents I filed with from 1 to 0 so I won't have to pay and I'll get more money back instead?

 

[babymakesone]

You can change your exemptions any time you want. Your employer is not going to go back to your hire date & take out the extra taxes. The change will take effect at your next payday or whenever the HR department does it.

Just because you claim more exemptions does mean that you will definately have to pay taxes in.

 

[Sam111]

Is it possibel for us to file separately,

It's possible, but in most cases filing jointly is more beneficial. It depends on other factors.

When I startedm y job this october, they suggested we claim 0 or 1, I claimed 1 because I wasn't certain. Should I have done that or not?

Read Form W-4 line by line to compute the maximum you can claim. The less you claim, the more taxes deducted from your pay. The more taxes deducted from your pay, the less you will owe or the larger your refund will be when you file your return, whichever the case may be.

I have a school loan that I've begun repaying, will this help me with my refund too?

Yes, you may deduct interest paid on an educational loan. They will send you a 1098E showing the amount of interest you paid for the year. If you file separately, you will not be able to take this deduction.

is it still possible to go back and change it at my job Human Resources office, or am I stuck?

You can ask human resources for another W-4 to fill out.

Please see a tax professional when you file your taxes, since you say you don't understand alot of things. You may overlook some credits and deductions you may be able to claim. You also don't want to make wrong decisions that may surprise you come tax time.

 

[ndnicks]

thanks both of you for the wonderful information. do either of you know of any good professional places that wont charge an arm and a leg.

 

[Snipes5]

H&R Block. Ask to see an Enrolled Agent, they are the most experienced/knowledgeable.

As far as not charging you an arm and a leg, well, advice is free. As far as tax prep goes, you get what you pay for. Block guarantees the best refund possible (according to the tax code and your circumstances), or your money back.

Bring last year's return in for them to review also. They will charge if it needs to be changed, but can often get you more money back than if you did it yourself, especially since you say your husband doesn't know much.

Snipes