Tax Allowance- for stay at home dads — The Bump
Dads & Dads-to-be

Tax Allowance- for stay at home dads

Does your wife or significant other give you a portion of their tax return? How much, percentage wise?

In my case we are not married, so it may be different than in certain other cases. But I'm curious on how this works for other couples

~~** I Love My Boys <3**~~



Re: Tax Allowance- for stay at home dads

  • For married couples (me) it just gets lumped in with everything else. There is no me, just we.

    For non-married couples I would say it really depends on the relationship and living situation. If you are keeping your finances completely separate for whatever reason then the person in the higher tax bracket should claim the kids to minimize total taxes paid. Then they can give $500 per child (credit) and $3950/2*your tax bracket per child for the deduction.

    If you have a more give and take relationship I wouldn't worry about it too much. Maybe the person who gets the tax break can acknowledge it and take on one of the larger kid expenses.

    Like I said though, it really depends on circumstances and how the relationship is set up.

     

     

  • I should explain the numbers because I don't know how much you know about the taxes. You generally get a $1000 tax credit per child and a $3950 deduction per dependent.

    $500 came from splitting the credit and the formula with $3950 in it would be what you could get if you were claiming the child. I wouldn't focus on the refund at all, but more of how the child impacts how much tax is paid.

  • Sorry, didn't realize until now he stayed at home and probably doesn't work. I wouldn't give him a bonus because you got a refund for the same reason I wouldn't give him a bonus if you had to pay. Your finances should be somewhat linked because of the child already. Whatever you normally give him should still be given. If you think you can give him more now because you are actually making more money than you thought then you can do that.

    Or sit down and decide what to do with the refund. Something for the house or for the kid. Maybe even an engagement ring if you guys are headed down that road.

    I think I'm the only person still here.

  • PrimePrime member
    500 Love Its 1000 Comments First Anniversary Name Dropper
    My wife stays at home and doesn't receive a bonus from any small tax return.  Our finances are all together though.

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  • Ahh I wanna bring this up with him, because he's asking for 700$ 4500bin his personal account. He seems to want it so his account has something in it, but I'm feeling more like it should go to something else

    ~~** I Love My Boys <3**~~



  • I just don't want to be selfish. But I don't get why he needs 700 in there

    ~~** I Love My Boys <3**~~



  • MW and I decide ahead of time how we are going to spend our tax return money.  This year almost 2k of it went towards my one credit card that was mainly medical expenses and MW's new work lap top.  She used savings for most of her medical last year and I used my credit card to make sure that we still had a cushion.  We both work and our financial situation is kind of complicated, I pay some bills she pays others, I transfer money to her to help with housing costs and I supply the bulk of our savings money.

    My suggestion is talk it out with your husband.
    Baby Birthday Ticker Ticker


  • I just don't want to be selfish. But I don't get why he needs 700 in there


    It might just be a comfort thing if he has no way of making money right now. Maybe he just wants some to call his own. $700 is about right at half of what you would expect to get back from a child in taxes for most people.

    If he plans to use it on things that one of you would buy anyway it's probably not a big deal. If he's just going to blow it on wasteful things then that's a different story.

  • In our house it's all just 1 credit card, 1 bank account and 2 paychecks. Didn't get a tax return last year, first time I've ever owed $$. I think it's because I refinanced my mortgage in dec-2012 and paid so much less in interest.
  • In our house it's all just 1 credit card, 1 bank account and 2 paychecks. Didn't get a tax return last year, first time I've ever owed $$. I think it's because I refinanced my mortgage in dec-2012 and paid so much less in interest.

    Oh, we have multiple credit cards, multiple bank accounts and 1 paycheck. I think I'm doing it wrong. HAHA. I didn't tax refund either, we sold our house mid year and took the standard deduction. Have less to deduct increased the taxes I owed.
  • We just throw it in the joint account and use it as extra money for bills or for vacation like we are this year. we b have our own cc, bank accounts, paychecks and we have a shared account for mortgage and other house hold bills
  • I can relate to wanting to have money in my account i like having a little extra after everything is paid for even if i don't spend it
  • I can relate to wanting to have money in my account i like having a little extra after everything is paid for even if i don't spend it
    True, just like a little assurance that we're pretty well covered.
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