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Discussion Starter #1 (Edited)
I hate to say, I just received a bill from IRS. They "caught" me!!:sad010: I tried to claim my step son as a child tax credit. Guess what he was too old. He was already 17 at the beginning of this year and he had to be 16 or less to be claimed. I had an idea, that if they really check my return they may say hey you owe us and they did!!! Part of the way I see it is that I am still paying all his expenses so I should get some kind of break. Just not the CTC which is $1000!!!!! Along with interest makes it 1006. Believe me people like me are not to blame for the National Debt!!!!! Oh well. That is one of the certainties to life :Death and Taxes!!!!
 

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Does he still live with you? I know my wifes dad claimed her when she was 18 and hadnt lived with him in over 10 years and it still went through. Should be able to claim children that still live with you and are in school up to 23 iirc.
 

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Brain is taking a break from taxes outside of setting around a thousand bucks per month so we have the cash to pay these crooks. Should be no problems in claiming a child as a dependent, but really a bad joke. If in the 10% bracket, you pay about 95 cents per day in less taxes to raise that kid. Not enough to buy a couple of diapers.

As I barely recall for a child tax credit with that worksheet, can only apply if your gross income, including all those extra FICA taxes that also counts as gross income is a penny more than the so-called poverty wage. You cannot apply for a child tax credit. Recall some worksheet for this.

With my step daughter going to college, we could claim up to an extra $4,000 for only tuition payments that were around four times that amount! Her dorm and rental expenses was covered under that $3,500.00 dependent deduction. That was slightly more than 95 cents per day. Can't even buy a candy bar today for 95 cents.

Little doubt in my mind that our congress is owned and paid for by the super rich. They are getting all the tax breaks.
 

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Discussion Starter #6
Does he still live with you? I know my wife's dad claimed her when she was 18 and hadn't lived with him in over 10 years and it still went through. Should be able to claim children that still live with you and are in school up to 23 iirc.
Yes. Claiming him is not the problem. There is an additional $1000 tax credit if the child lives with you and is under 17. I tried reading the requirements and it should fall under the I have no idea what the @#@@## you are trying to explain credit I know I won't try and claim that again!! All I can say, next years taxes could be interesting. Esp since he just graduated from HS and will be 18 in August.? Funny thing is: I can except the $1000 but they are charging me 3% interest on the amount I owe. Where the **** are they getting 3% for their money. I know I am not getting it from my bank for my money.
 

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Well my dog is only 1 and I pay all of his expenses?
I'm with you, to many people abuse the system and keep having kids they can't afford and get tax credits for each one. Feel like I get punished for being a responsible adult that can control myself and not have a bunch of children.
 

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Would those too many people be toothless and live in sin and squaller beside a mansion ?
Those be wood rats !

Hood rats live in cities and multiply faster than two shakes and a twist in the wind and drive expensive cars they barrowed and they are always cryin about we need more Jobs .. ya can see them around the corner at the Liquor store yelling whats up .....................................................................................................................................
 

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You can claim anyone who lives with you as a dependent if you pay more than 50% of their support and their income was less than $3800. But it is a tax deduction, not a credit.
 

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You can claim anyone who lives with you as a dependent if you pay more than 50% of their support and their income was less than $3800. But it is a tax deduction, not a credit.
Patman knows the difference between claiming a dependent on page one of the 1040, child credit is on page two. Was taught never to use a double negative in a sentence, IRS uses 3 or 4.


with over a thousand different tax forms and over 13,000 pages of tax laws, tax time is migraine headache time, migraine headache pills are not tax deductible.

Sharp line between so-called poverty wages, a penny below, do get tax credits, but if a penny above, not only zero tax credits, but a much heavier tax burden that puts you well below the poverty line. IRS as other agencies blames congress for this. Congress can't even name the 1,525 govenment agencies they created in the last 40 years let alone tell them what to do.

These is how this country got screwed up so bad in the last 40 years, wasn't this way before. Could deduct all of your medical expenses, now have to guess with a flex plan, what ******* came out with this. Need a crystal ball, and if you don't use it, loose it. My kid switched to an HSA with a carry over, but needs a ton of proof to get a cent out of it. Easier to pay taxes. Get screwed either way.

Gates managed to earn 8 billion bucks last year on his investments, nice to have insider knowledge to get away with it with more attorneys that the IRS has.

I have excess money in one checking account, asked my bank to switch this over to a savings account, 0.05% is the yearly interest rate. This is 0.0005, this is 50 cents per year on each thousand bucks, then I would have to pay taxes on this amount. Credit cards? More like 20%, man, are we really getting screwed.
 

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Well when I retire next year, my gross income will go down but my net income might actually stay steady. My state taxes will drastically decrease, I might be in a lower federal bracket, and social security won't be deducted(though medicare will). I could take part time employment elsewhere but I would probably end up giving half of it to various taxes. There will be no retirement filled with travel around the world but I've always lived rather modestly. My deduction less dog won't care though.
 

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Social Security is partially taxable.
 

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That's Nice to know that I just might have to work for a few more years to offset the TAX Mans demanding hands ..
Atleast the Kids can support themselves and the Smurfettes wash cars for the summer and do not demand too much for Birthdays .....
 

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Some congressmen seem to forget, that is our money, would like to meet these guys in a dark alley. And paying extra FICA taxes after retirement to increase your monthly benefits is pure unadulterated BS.

Wife was screwed out of her SS benefits in Venezuela, their is starts when you reach 55 years of age. Still couldn't take that money out of that country, but we could leave it for our grandkid. To get these benefits, has to maintain her Venezuelan ID card, and prove she was still alive. But that ID card has to be renewed, won't let her renew it.

Her attitude is if it can happen there, can also happen here, feel she makes a good point. We also have crooks running our country.

Oh if all the FICA taxes I paid, plus the income tax I paid on it if was in an IRA, would have 1.5 million to spend, as it is, just getting pennies.

What my SS check does for us, helps us to alleviate just a part of our tax bill. but we would be far better off if they kept it and let us live tax free for a change.
 
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