Is Your Child Claimed on Another Tax Return?
Several times during tax season we electronically file a client’s tax return, only to learn that one of the client’s legal dependents was claimed falsely on another tax return. Sometimes this is due to identity theft, which will be discussed in another blog. More often this situation arises because an ex-spouse, a grandparent, or another ineligible family member has the child’s information and claims the child, even though they did not have the child for at least 6 months or provide 50% or more of the child’s support.
Unfortunately, many tax preparers simply tell their clients that there is nothing that can be done since the child has already been claimed. Such a statement is wrong and misleading, because there are procedures that can be followed to get you the child exemption you deserve and qualify for.
How can you get the exemption for your qualified child?
When the taxpayer enters our office with this problem we discuss with them how the problem can be fixed. We suggest the taxpayer gather documents that support their claiming the child. Once these documents are gathered, we attach the documents to the prepared tax return. We have the taxpayer then mail the tax return to the proper IRS office.
In about 6 to 8 weeks the taxpayer receives their refund from the IRS. Occasionally, the IRS may request additional documents to support your claiming the child. The IRS then will allow your claiming the child and give you the exemption. Then the IRS will contact the taxpayer who falsely claimed the child and request payment back of any tax benefits received from claiming a child they were not eligible to claim.
There is no race to see who can claim the child first. The tax law plainly states that the qualified taxpayer is the party that can properly and legally claim a child on a tax return.
We specialized in helping our clients to resolve such issues and get the maximum refund they deserve.
Click here for my podcast.
Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
Office:(719) 336-8739
Toll Free: (844) 394-4287
Fax: (719) 336-8799
Email: success@cashtracksfinancial.com
Quick Contact
Colorado Springs Call: (719) 359-8789
Lamar Call: (719) 336-8739
Toll-Free: (844) 394-4287
Fax: (719) 336-8799
Email: success@cashtracksfinancial.com
Resources
Resources & Articles For Managing Your Finances On Your Own
Is Your Child Claimed On Another Tax Return?
Is Your Child Claimed on Another Tax Return? Several times during tax season we electronically file a client’s tax return, only to learn that one of the client’s legal dependents was claimed falsely on another tax return. There is more important information available at Is Your Child Claimed On Another Tax Return? page.
Identity Theft and Taxes – How Do I Protect Myself?
Tax Implications Of Identity Theft – How Do I Protect Myself? Transcript: Are You Reactive Or Proactive With Your Taxes? When tax time comes around, are you being reactive or proactive? Do you find yourself swimming in a sea of questions? Get answers at the Identity Theft and Taxes web page.
Taxes – Are You Classifying Your Employees Correctly?
Taxes – Are You Classifying Your Employees Correctly?
Are Your Employees Correctly Classified For Taxes? Transcript: When tax time comes around, are you being reactive or proactive? Do you find yourself swimming in a sea of questions? Get more information at the Accountant Advice for Employee Tax page.
Contact Us
When you need help to prepare your tax return or to solve your tax issues contact Cash Tracks Financial Inc., serving Lamar, Colorado and Colorado Springs, Colorado.
Lamar CALL: (719) 336-8739 TOLL FREE: (844) 394-4287 FAX: (719) 336-8799
117 W Beech St, Lamar, CO 81052, USA
Colorado Springs CALL: (719) 359-8789 TOLL FREE: (844) 394-4287 FAX: (719) 336-8799
525 N Cascade Ave, #200, Colorado Springs, CO 80903 USA
https://cashtracksfinancial.com/wp-content/uploads/2021/11/dodge-promo-2.jpg
https://cashtracksfinancial.com/child-claimed-on-another-tax-return/
No comments:
Post a Comment