How should I file my taxes?

[sciencetoy]

I do the taxes for a close friend who is in a similar situation. Just be warned, let the IRS do the calculating for the EIC. I have done the figures myself every year and I've never yet gotten the same numbers the IRS gets. There's a box you can check that says, let them figure the amount out.

I suggest that you get the forms and a book (from the library) and fill it out yourself, just so that you know what goes into it.

TurboTax is cool but doesn't figure the state EIC in my state - or at least it didn't used to.

The person who is head of household is the one who provides the most financial support. That would be the one with the larger income if you pretty much split expenses, or whoever can prove the larger support amount.

Good Luck

 

[d33pt]

i think you have to be 25 to qualify for EIC.... but i dunno much so dont take my word

 

[rahvin]

Head of Household and EIC are the two biggest flags for audit. Keep that in mind. If you do either I recommend you keep real good records for the next 4 years. And as recommened above, let the IRS calculate the EIC for you, saves you the hassle of having it screwed up and getting flaged for an immediate audit.

 

[EagleKeeper]

EIC
Exemption to "Time Lived With You" Condition per IRS instructions Pg 44 - 1040
Dependent can be born of died in 2001 and still be qualified as dependent.

 

[PsychoAndy]

<< Go pay $20 for TaxCut or TurboTax. It's very good software that will walk you through the whole thing.

Last year I went to H&R block and almost crapped when he charged me 80 bucks for the whole 5 minutes it took

My accountant charges me $375. That $80 you paid is deductible on this year's return. >>



Just $375? Ours charges $500, and he dosent even prepare them, he just gives them a once over and signs off.

 

[EagleKeeper]

The charges for tax prep can only be deducted if you itemize.

 

[Antoneo]

<< The 1040EZ form is if you are single. >>

I thought you use 1040EZ only if your income is less than $55,000 or something like that...

 

[WTT0001]

Quoted from the 1040EZ instruction booklet

"You can use Form 1040EZ if all eight of the following apply:

1. Your filing status is single or married filing jointly...
2. You do not claim any dependents.
3. You do not claim a student loan interest deduction
4. You (and your spouse if filing jointly) were under age 65 on Jan 1 02 and not blind at the end of 01
5. Your taxable income is less than $50,000
6. You had only wages, salaries, tips, and taxable scholarship...
7. You did not owe any advance EIC payments
8. You did not owe any household employment taxes...

Sorry, no EZ due to 2

For the EIC -$10,710, you are not a dependent, you and your spouse at least 25 (No EIC), Etc.

 

[coolred]

I just checked the IRS website and I think the 25 year age limit is only if you do not have a qualifying child, I do so i don't think I need to be 25, can someone confirm this? So are you saying that I am more likely to get audited if I use the EITC? I used turbo tax software, would it be programmed to figure the right amount for the EITC? Using the EITC gets me an extra 1600.00 dollars back, so I think it's worth it, isn't it? Also while using the turbo tax software, I found out that in order for me to qualify as head of household my child would have to had lived with me for 6 months or more. Am I able to assume that once again since he was born in 2001 they automatically treat him as living with me for the whole year even though he was born in august? This may be a stupid question, but filing as head of Household will get me more money back then filing singlely, right?

 

[Stifko]

Looks like I qualify for filing a 1040EZ too. You can be over 25 and still do it, right? That sounds like a good price, but how often do they audit online filers?!?!?

w00T, 1000 posts! finally!!!

 

[coolred]

Bump

 

[LuckyTaxi]

1040EZ is so simple to fill out!

 

[LostHiWay]

I filed my 1040EZ through TaxAct.com. It took all of 10 minutes to complete and I had my refund in my bank account 7 days later.

Can't beat that

 

[coolred]

Thanks for that info, but can anyone answer my last couple of questions?

 

[EagleKeeper]

Child born/died in 2001 waives the 6 month rule.