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Recent Child Tax Credit questions

My boyfriend and I live together and have a daughter

My boyfriend and I live together and have a daughter together. I have not had income in the last four years but do for 2016. Can he claim a child tax credit as head of household and can I claim a child tax credit on my return as head of household or just single? Or can only of us claim a child credit?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: We are filing separately

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taxmanrog

Master's Degree

1,020 satisfied customers
I am a retired 72 year old with a $178, 000.00 IRA with

I am a retired 72 year old with a $178, 000.00 IRA with current MRD of about $7000.00 a year. I owe $53,000.00 on my children's student loans paying close to $1000.00 a month2015 taxable income (with MRD) $54,890.00, Total Tax $7309.002016 will be about the same as 2015My financial advisor recommended I contact a professional tax advisor and ask this basic question: What would be the Federal tax burden for withdrawing $53,000.00 from the IRA in 2017 instead of the standard MRD? That is, is there an additional penalty over and above the tax for the regular MRD? Knowing that I can determine if the additional tax would be burdensome or whether it would offset sufficiently by the savings of closing the Student loans in one year.Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
I have not been working for a couple of years now, and as a

I have not been working for a couple of years now, and as a result was not obligated to pay any taxes because I did not have any source of income. I have 75K invested with a brokerage in the form of of and IRA/money market account, and it is not generating any significant interest. I want to close this account and transfer the proceeds to my regular bank account, to clean up credit card debt, and use the leftover amount to live on until I find another job. So, I have been wondering if I will be liable for any taxes on the 75K i am about to withdraw, and if there are any taxes, what is the best way to proceed to avoid paying them?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
A person who is low income with a child files a federal

A person who is low income with a child files a federal return and usually gets a refund of around 3,000. Sharing custody with a doctor with a large income maybe 150,000. Am I right in my thinking that that tax benefit the doctor will see from attaching the child to her reteurn as a dependant will be far less than the benefit the low income disabled person will. I estimated that the doctor might see a reduction in her taxes of $100 or less. Whareas the low income person sees the refund. Is this sound thinkin?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,942 satisfied customers
Can you tell me the tax credit per child? is it a set amount

can you tell me the tax credit per child? is it a set amount or are there other credits available. If my granddaughterfiles does she file as head of household?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
Filing jointly or separate with my wife; 1. Do we have a

Filing jointly or separate with my wife;1. Do we have a choice?2. If so, what are the pros and cons of filing separate vs. jointly?3. If filing separately, can we file at different times?4. Can a separate filing for my wife now, be later changed to a joint filing?The reasons why I ask have to to with lack of clarity whether I should file in Canada or USA. Further elaboration of this reason can be provided if needed.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
Need PDtax to help me with this question PDtax a child live

Need PDtax to help me with this questionHi PDtaxa child live with his Mather and she signed a 8332 to let the father to file him please find me oiy a way ho whe can claim EIC credit for him the Mather will not claim it

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
Lane I understand and yes I need a professional answer.

For Lane only:Lane I understand and yes I need a professional answer. Remembering that the cash to be distributed in my 3 accounts is going to be classified as Return on Capital. I am copying and pasting the question I posed last night regarding my estimated 2107 tax situation at the current income levels:Yes one final tax question and that is all I need. What is the estimated taxes you can see us paying in 2017 based on the following expected income:Filing Jointly:Social Security: $39,804Ford Motor Company pension: $6360 ( no monthly taxes taken out)Government annuity: $3744 ( no taxes taken out)Estimated dividends from current stock holdings in my IRA ( not associated with the Special Dividend) $17,052.Total expected income for 2017 (without any cash associated with the special dividend): $66,960Below is the current number of stocks of the company offering the special dividend broken down by my 3 accounts:- In my investment account: $11,058 in cash dividend coming on 3800 shares.- In my IRA retirement account: $20,370 in cash dividend on 7000 shares.-In my Roth IRA account: I have $5,383 in cash dividend coming on shares I am currently holding.Thank you! Chuck Noblitt

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
My granddaughter lives with me with my great grandchildren

my granddaughter lives with me with my great grandchildren (2) I pay the majority of her support (housing, clothing schooling) her boyfriend claims both children on his taxes although he does not pay a reasonable child support and when she gets it he requires her to pay him back in the form of his cell phone and car insurance. My question is since the majority of the support is hers (mine) is there any way of receiving any part of those taxes? she is in school and does not work is there a form or way that she can collect tax refund?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I am a widow therefore I am on a fixed income.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
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