Number of exemptions claimed on spouse's return.....what is this means?

[xmasbaby0]

Do you live apart?  Are you filing as married filing separately?

[gevonniew]

No we live together and we filing as married filing separately

[gevonniew]

Thank you we just have some bills to take care of and last year we do jointly and didn get back alot so doing it different this year....is it ok if we file separately?

[xmasbaby0]

You are giving up a lot of credits by filing that way.  Click the link TexasRoger gave you.  You will lose earned income credit if you file MFS, and your child tax credit will be affected.

[gevonniew]

Ok

[gevonniew]

My baby is 4 months will i get child tax credit

[VolvoGirl]

Make sure you say the baby lived with you the WHOLE YEAR under My Info.  

Unless you have a specific reason to file separate returns,
It is usually better to file Joint. Joint has the lowest tax rates and the highest Standard Deduction.   And if you are in a Community Property state MFS gets tricky to figure out.  Here's some things to consider about filing separately……

In the first place you each have to file a separate return, so that's two returns.  And if you are using the Online version that means using 2 accounts and paying the fees twice.  

Many people think they come out better when filing Married Filing Separate but they are probably doing it wrong.  If one person itemizes deductions then the other one must itemize too, even if it's less than the standard deduction, even if it is ZERO!  

And there are several credits you can't take when filing separately, like the
EITC Earned Income Tax Credit
Child Care Credit
Educational Deductions and Credits

[gevonniew]

Okay

[gevonniew]

They say I must put the number of exemptions claim on spouse return what that means

[VolvoGirl]

I don't know.  What does it say exactly? Where?   Can you  give a screen shot?

[rohanw424]

i will try

[rohanw424]

(Number of exemptions claimed on spouse's return).......this what i see trying to do screen shot cant do it

[VolvoGirl]

The long text you copied then deleted was about New York.  Someone else will have to reply about NY.

[rohanw424]

ok