Can I claim one of my children throughout the year and than file all four together at the end of the year since we only receive tax credit for three? Married fed 1 0state

[xmasbaby0 · Accepted solution]

You mean on your W-4?  Your W-4 is just for your employer so you can indicate how much tax you want withheld from your paycheck,  It does not determine how you have to file your tax return.  Claim all of your children on your joint tax return.

[arethawhite1]

thank you for your great response, this would be our first time filing for our fourth child, my understanding it will only benefit us by tax exempt but we will not receive refund for her, so I was trying to see which way that will help us financially by receiving something for her throughout the year, but it seems we will have to owe more and a less refund if we went that route. Thank you again

[VolvoGirl]

For 2017 You will get a personal exemption for her but won’t increase the EIC credit.  EIC max is 3 or more.  For 2018 a lot is changing and the personal exemptions are going away but you get an increase in the Standard Deduction .

[arethawhite1]

Awesome thank you so much.

[VolvoGirl]

Oh there is the Child Tax Credit .  Almost forgot that one.  You get that for each child under 17.  And that is doubling from 1,000 to 2,000 each.  But The Child Tax Credit is non refundable so it can only reduce your tax to zero.

[VolvoGirl]

If the child was born in 2017 be sure to pick the box that she lived with you the Whole Year.  A child born (even on Dec 31) is considered to live with you the whole year.  So pick the Whole Year at the top of the drop down box.

[arethawhite1]

very good information, thank you, she is six years old and we never bother with placing her on our taxes because we thought we would not benefit from it.We don't itemize, our house taxes we pay but it is listed under the heirs of the estate, and always claim 1 thought the year so not to much movement we do. Thank you for sharing the more educated we are and share it the more we are not in the darkness and able to help each other. Especially in these times.

[VolvoGirl]

Oh no.  You might want to amend your prior returns.  Or at least the last 3 years.  You should have claimed her.

[arethawhite1]

oh my really will we be penalized