Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-10-2017, 03:57 PM
Junior Member
 
Join Date: Jan 2017
Posts: 6
No income, but dependents.

In past years, when I was working, I would get back more than I even paid in because of kids. Now I have zero income. Is there any benefit at all to claiming kids if I have no income? I will only be filing for selling two homes. Last year I did my own taxes and also had no income and got zero back. Not sure if I messed up or if that's correct.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-10-2017, 07:14 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
In past years, when I was working, I would get back more than I even paid in because of kids. Now I have zero income. Is there any benefit at all to claiming kids if I have no income?===>UNLESS you have taxable earned/unearned income , there is no need to file your return UNLESS your kids have investment income exceeding $2KUnearned income above that amount is subject to the Kiddie Tax ? that is, your marginal tax rate and may reduce your tax liability by claiming your kids as your dependents on your return..as you have no income, you have no reason to file a tax return. While there are some tax credits that generate a refund, the Earned Income Tax Credit for example, even when there is no tax, there is usually a requirement that there be some income to report on a tax return.


I will only be filing for selling two homes. Last year I did my own taxes and also had no income and got zero back. Not sure if I messed up or if that's correct.======>say in 2016, you have only one dependent, your LTCG is lower than or equal to $14400, then as your std dedu is $6,300 and per exem for youand depedennt is $8100, no tax at all as your taxable icnoem is zero



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Help with dependents lamiellm Estimated Taxes 1 08-04-2015 12:39 PM
Dependents [email protected] Miscellaneous 0 02-01-2014 05:16 PM
Dependents rduplissey Miscellaneous 3 02-28-2013 11:05 PM
Is there a minimum income amount in oder to claim your dependents? mona Income 0 03-14-2010 07:42 PM
Non taxable income with dependents RyBread916 Income 0 02-08-2010 03:56 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.