SO and I are having a little disagreement over who gets to claim DS this year. I plugged my info into turbo tax just to see what we were looking at, and if I claim him, I get about $5000 back. If not, I get less than $1000. SO owns his own business, and is estimating that he'll probably have to pay around $5000 if he doesn't claim him. Not sure what the numbers would be if he did claim DS. We obviously don't know exact numbers yet, like I said, we're just estimating.
There's a bit more to our story about why I think I should get to claim him, and I think that in the long run it will benefit us more for me to claim him (I'll be starting school again later this year, and I'll be trying to get financial aid).
Obviously, we've all got different situations, but how did you decide who gets to claim your LO this year?
Re: ? for those not married - re:taxes
I'm claiming her for the same reason as you; I'm hoping to finally be eligible for some financial aid! Other than that, it really doesn't matter because we use the money toward clearing up any bills we have so it benefits both of us.
i don't know what your situation is, but if you guys live together, the technical rule is the person with the higher AGI is entitled to claim the child.
in practical application, it would make more sense for the person that it will benefit the most (i.e. EIC, child tax credit, etc.)