Filing taxes as a single parent requires coordination between you and your ex-spouse or partner. Usually the custodial parent claims the child as a dependent, but there are exceptions. A single parent is allowed to claim applicable deductions and exemptions for each qualifying child. If your child has income (from an after-school job, for example), she may still need to file her own tax return even though you have claimed her as a dependent.
You may have heard about a possible change to the Child Tax Credit, but don’t worry. TurboTax has you covered. We are knowledgeable about the most recent tax legislation, so you can confidently file your taxes and, if you qualify, claim the Child Tax Credit. There is no need to delay. File now to get your max refund as soon as possible. The IRS has promised to automatically amend your return and notify you of any updates, including any additional refund, should lawmakers decide to increase the Child Tax Credit. No extra steps are required on your part.
Being a single mom is no easy feat. You juggle work, childcare, and household duties, all while trying to make ends meet. But amidst the whirlwind, there’s a silver lining: tax season. Yes, you read that right. Filing your taxes as a single mom can unlock a treasure trove of tax benefits and credits, putting more money back in your pocket.
So, how much can you expect to get back in taxes for one child?
The answer depends on several factors, including your income, filing status, and the age of your child But don’t worry, we’ll break it down for you step-by-step
Unlocking the Secrets of the Child Tax Credit
The Child Tax Credit is your golden ticket to a bigger refund. For the 2024 tax year this credit is worth up to $3,000 for qualifying children between the ages of 6 and 17 and $3,600 for children under 6.
But wait, there’s more! You can also claim the Child and Dependent Care Credit if you pay for childcare expenses so you can work or look for work. This credit can be worth up to $3,000 for one child and $6,000 for two or more children.
Filing as Head of Household: Double the Deduction, Double the Fun
If you’re unmarried on the last day of the tax year, pay more than 50% of your household expenses, and your child lives with you for more than six months (excluding school), you might qualify to file as head of household This opens the door to a higher standard deduction, which means you pay less tax on your income.
The Dependent Exemption: A Blast from the Past
While the Dependent Exemption is no longer available for tax years after 2017, it’s worth mentioning for those filing amended returns for earlier years. This exemption allowed you to deduct a certain amount from your income for each qualifying child.
Claiming the Credit, Step-by-Step
You must fulfill specific requirements in order to be eligible for both the Child Tax Credit and the Child and Dependent Care Credit. Here’s a quick rundown:
Child Tax Credit:
- Your child must be under 17 years old at the end of the tax year.
- Your child must be your son, daughter, stepchild, foster child, or legally adopted child.
- Your child must have lived with you for more than half of the year.
- Your child must be a U.S. citizen, national, or resident alien.
- Your child cannot have provided more than half of their own support for the year.
Child and Dependent Care Credit:
- You must have paid expenses for the care of a qualifying individual so you could work or look for work.
- The qualifying individual must be your dependent under 13 years old, your spouse, or another dependent who is incapable of self-care.
- You must have earned income during the year.
When Both Parents Claim the Same Child: Avoiding the Tax Tussle
If you’re divorced or separated and both parents claim the same child on their tax returns, the IRS will only allow one parent to claim the credit. To avoid this tax tussle, communicate with your ex-spouse beforehand and determine who has the right to claim the child based on the IRS guidelines.
TurboTax: Your Tax-Filing Sidekick
Navigating the tax code can be a daunting task, especially when you’re a busy single mom. That’s where TurboTax comes in. This user-friendly tax software guides you through every step of the process, ensuring you claim all the credits and deductions you deserve.
Here’s what TurboTax offers:
- Expert-approved accuracy: Rest assured that your taxes are done right, maximizing your refund and minimizing your risk of an audit.
- Step-by-step guidance: Even if you’re a tax newbie, TurboTax makes filing your taxes a breeze.
- Maximum refund guarantee: If you get a larger refund from another tax preparer, TurboTax will refund the difference.
- Live support: Get help from tax experts whenever you need it.
You can concentrate on what really matters with TurboTax: being a wonderful mother and providing for your child. So, ditch the tax stress and let TurboTax handle the heavy lifting.
Additional Resources:
- TurboTax Child Tax Credit: https://turbotax.intuit.com/tax-tips/family/child-tax-credit/
- IRS Child Tax Credit: https://www.irs.gov/credits-deductions/child-tax-credit
- TurboTax Child and Dependent Care Credit: https://turbotax.intuit.com/tax-tips/family/child-and-dependent-care-credit/
- IRS Child and Dependent Care Credit: https://www.irs.gov/credits-deductions/credits-for-child-and-dependent-care-expenses
Recall that being a single mother doesn’t have to mean doing your taxes is a chore. You can confidently navigate the tax maze and obtain the credits and deductions you are entitled to when TurboTax is on your side. So, go forth and conquer tax season, mama!.
Filing as head of household
Filing as head of household typically lowers your taxable income and increases your standard deduction. To qualify for head of household, you must:
- Pay more than 50% of the household expenses;
- be single on the final day of the fiscal year, and
- Have your child reside with you for more than half the year, excluding when they attend school.
TurboTax can help you determine whether you qualify for head of household status.
Determine where the child lives
Usually the parent who has custody of the child claims the child on his or her tax return. However, there may be an exception. Which parent can claim the child on their tax return may depend on where the child spends the majority of his time.
- Regarding custody, the IRS may ignore the separation agreement or divorce decree.
- The IRS is likely to allow a parent who does not have custodial rights to claim their child on tax returns when the child resides with them for more than half of the year.
- The child’s sleeping arrangements are one of the IRS’s primary determining factors.
2023 Child Tax Credit Simplified
FAQ
How much does a single parent get back in taxes for one child?
How much do you get for claiming 1 child on your taxes?
How much will I get back in taxes if I have one child?
How much does the IRS pay for one child?
What is the average tax refund for a single mom?
There is no average tax return refund amount for a single mother, a married mom, or anyone for that matter. Your refund is based on how much money you withheld in federal, state, and local income tax and your total income. The more kids you can claim as a dependent, the higher the deductions and credits for your dependents.
Can a single mom claim a child tax credit?
Beginning in 2018, dependent exemptions are no longer available and have been replaced by a higher standard deduction and higher child tax credit (see below). A single mom making less than $200,000, can claim a $2,000 child tax credit for each child for single or head of household filers. The credit amount comes off your tax bill.
Do Single Moms get tax breaks?
In fact, single moms can get a few different types of tax breaks, both in the form of tax credits and other tax advantages that it often makes gentlemen with high tax bills cry, “Unfair!” We will offer them a tiny kleenex for their tears. And remind them that single moms make about 47% (median) of what a married couple makes.
How can single moms benefit from tax benefits in 2023?
Single moms can take advantage of special tax credits like the Additional Child Tax Credit for 2023, file as head of household for better tax breaks, and benefit from exemptions and deductions to reduce their tax burden. We’ll cover: Here’s how to maximize tax advantages in 2023: