Really important tax questions..........?

My husband and I just had a baby in april and I am wondering how to file taxes.

Do I file for the earned income credit?

the child tax credit?

both?

How does this work? I am not sure because I havent had to do it yet but we are suffering and I need to get my taxes done sooner.

Also when is the soonest I can file taxes? Do I have to wait to get our 3 w2 forms from work or can h&r block use our paystubs? Ive got every one of those since January 1st.


Thanks for the help. Please email all replies to me at blue2cry@hotmail.com

as I am not sure if I will be able to check back on here as easy as I check my email.

You and your husband should file a joint return, claiming yourselves and the baby. You will get an exemption of $3400 for the baby 鈥?that means that amount is subtracted from your total income before tax is figured. Then after you figure your tax, you鈥檒l also get a $1000 child tax credit 鈥?that amount is subtracted directly from your taxes. It can only take your tax to zero, you don鈥檛 get any leftover amount back if you don鈥檛 owe that much.

Eligibility for Earned Income Credit depends on your earned income. If the total of all of your W-2s is under $35,241 for the year, then you鈥檒l get something for EIC, if it鈥檚 over, you don鈥檛 qualify. How much you get depends on your income.

The child tax credit and the EIC are independent of each other, so getting one doesn鈥檛 change your eligibility for getting the other one also.

You, or H&R Block, can鈥檛 actually file until you have all of your W-2鈥檚. They might do the paperwork from your pay stubs, but aren鈥檛 allowed to actually send in to the IRS. Efile, and have your refund direct deposited into your bank account, and you鈥檒l get it within two weeks of when it鈥檚 submitted.

1. Wait until you get your 3 W-2s to file.
2. Have the preparer do your taxes both ways. MFJ should result in the highest refund for the two of you.

If your combined earned income is less than $36K, then you are possibly eligible for EIC. The child tax credit is $1000. First you use this to reduce your tax bill. If there is any left over and your combined earned income is more than 11-12,000, you may also get the rest back as an Additional Child tax credit.

3. No, you don't get private email service.