I am married with a child. If my wife and I file tax return separately,who sould claim the child as dependent?

In addition, if we have a joint bank account, how should we split the interest?I am married with a child. If my wife and I file tax return separately,who sould claim the child as dependent?
If you and your spouse live together, either of you can claim the exemption for the child. You should figure your taxes both ways and file whichever way results in the least total tax. Either of you can claim the interest or you can split it any way you choose.





If you and your spouse do not live together, whoever the child spent the most time with during the year gets the exemption.I am married with a child. If my wife and I file tax return separately,who sould claim the child as dependent?
As always you'll pay less tax most of the time by filing a joint return. TFTP

Report Abuse

I believe that you can only file separately the first year that you are married, otherwise you need to file jointly. Unless your tax advisor tells you otherwise.





If you can file separately then you need to find out which way you will recieve more money back!
Definately you. If your name is the one on the birth certificate as the father, it is all you, unless you die. then it's your wife
who made the most money?
The person who makes the most money should claim the child - it lessens your overall tax burden.





Joint bank account - 50-50%.
i would go to an accountant and find out which way would be better-maybe jointly. You have to do it today remember
I would figure the taxes twice. Once with you claiming the child and then once with her claiming the child. This will show you which one gets the most money.
Whoever supplies more than 50% of the child needs get to claim the child.