Taxes Questions and Answers

Divorced or separated general public give somebody the third degree. My friend told me that my ex can claim my daughter as an?

exemption and benefit from the child tax credit.(since he make more than i do and i wouldn't benefit from it anyway) and I could claim her as a dependent, but not an exemption.and benefit from the earned income credit. She said here is a tax form I necessitate to sign.


Answers: You can allow your ex to claim your daughter by giving him a signed Form 8332. That would entitle him to claim an exemption for her and to claim the Child Tax Credit.

You would still be able to record as Head of Household and claim the EIC and Child & Dependent Care Credit if you're otherwise eligible. He does not get those basically because you allowed him to claim the exemption and you don't lose them when you give up the exemption.
It will be best to chitchat to your lawyer in the region of this and get an counsel regarding your problem.

Do you have to pay taxes on interest on a cd if you havent received any of it/?




Answers: Yes. Although many CDs don't pay you the interest until maturity, you must still claim the interest that accrued through the year. Your bank will send you a Form 1099-INT if the amount is more than $10. If it is less you still must claim it though even if you don't get the 1099-INT. Your final bank statement for the year should also show the amount of interest that accrued.

"jack bauer" is wrong on this one.
When the CD come due you will get a statement from the bank for the amount of the interest earned. It is not to be declared annually.

What amount do your children bring if your in the 40.000 range? is it still 2000 a piece. one child is 17 will




Answers: Go to the H&R Block calculator, input your data with and without your children and get a good estimate of your tax liability each way:

http://www.hrblock.com/taxes/tax_calcula...
Too many variables to say. Your marital status and filing status and the number of children all factor in, there is no "set" amount.

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