| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 1257.1 | How much? | ALFA2::PEASLEE | | Fri Mar 07 1997 12:51 | 4 |
| Sorry, I don't know the answer. How much income does one's child need
to earn to have to fill out the federal form?
Nancy
|
| 1257.2 | | STAR::LEWIS | | Fri Mar 07 1997 13:09 | 4 |
| I've sent mail to my husband as he does our taxes for what we did. If
I recall correctly, we never did anything for Mass taxes, just federal,
when my son's (gift) stock crossed over the federal line.
Sue
|
| 1257.3 | | TLE::EKLUND | Always smiling on the inside! | Fri Mar 07 1997 13:33 | 11 |
| I believe that as long as you are NOT trying to get any
withholding back from Massachusetts AND the child falls below the
limit for Massachusetts (around $8000 or more as I recall),
then you do NOT need to file a return. Furthermore, even if
you are questioned, there is not likely to be any penalty
since no tax was due.
Cheers!
Dave Eklund
(who has not filed under similar circumstances for MANY years)
|
| 1257.4 | "Who Should File" | STAR::LEWIS | | Fri Mar 07 1997 15:14 | 3 |
| My husband says he couldn't remember exactly, but that he read
the "Who Should File" and acted accordingly.
Sue
|
| 1257.5 | | CSCMA::BALICH | | Tue Mar 25 1997 11:04 | 11 |
|
I figure this a good place to ask ...
We pay childcare .. $160.00 per week.
I do the DCRA for $96 per week.
Can I deduct the *difference* (160-96= $64) off my Federal or State
taxes ?
Thanks!
|
| 1257.6 | Total of $5k no matter which way you do it | ZEKE::ASCHNEIDER | Andy Schneider - DTN 381-1696 | Tue Mar 25 1997 11:09 | 9 |
| Nope. If you take the $96 per week, that adds up to almost $5000,
which is the federal limit. If you took LESS than $5000 for the year,
you could deduct the difference between your DCRA and $5K. Basically,
you can't dip past the $5K barrier.
andy (who came THIS CLOSE to going below $5K per year for childcare
until son #3 came last November (other sons were 11 and 8).
Now, we're starting all over again....)
|
| 1257.7 | | DECCXL::WIBECAN | That's the way it is, in Engineering! | Tue Mar 25 1997 14:37 | 21 |
| [I'm not an accountant, I don't play one on TV; read the tax form instructions,
they are pretty good; Caveat Emptor, Caveat Vendor; Newsat Eleven...]
>> Nope. If you take the $96 per week, that adds up to almost $5000,
>> which is the federal limit. If you took LESS than $5000 for the year,
>> you could deduct the difference between your DCRA and $5K. Basically,
>> you can't dip past the $5K barrier.
The Federal limit for deduction on the tax form is NOT $5000, it is less
($2400, I believe). As indicated in .6, you subtract the amount of DCRA
benefits from the amount you spent AND the deduction amount (i.e. the $2400
limit) when figuring out what you can deduct on the tax form. You are thus
much better off getting DCRA benefits, if you are sure to exceed them. (It's
not too difficult to exceed that limit; with our two kids, we're over by May.)
Regarding state taxes, that would of course depend on which state, but in
Massachusetts the form instructions state that you do NOT have to take DCRA
benefits into consideration when figuring out the maximum deduction. There you
CAN deduct some portion of the excess expenses over the DCRA amount.
Brian
|
| 1257.8 | Where on the Web ? | CSCMA::BALICH | | Tue Mar 25 1997 15:25 | 6 |
|
Where can I get 'U.S.form 2441' online ???
THANKS in advance!!!
|
| 1257.9 | | NOTIME::SACKS | Gerald Sacks ZKO2-3/N30 DTN:381-2085 | Tue Mar 25 1997 15:35 | 1 |
| The IRS website. Take a look at a 1040 booklet, and it'll be listed there.
|