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Taxes

Thash876's picture

How should we go about splitting the tax return ? My 1 year old son, girlfriend and her son has been living together and I have paid majority of the household expenses. I pay $1200 in rent and she pays about $300 or less for utilities  . Plus I providing a lot of the expenses for our children .I made over 3x as much as her (she made less than 20k)  and she's filing both kids (I had the option but I denied because of school loans ) . So should I ask for half since I pay majority or let her keep most of it since she makes less?? I want to be fair not greedy . 

Comments

Petronella's picture

I would say that refund belongs to both of you. It should be put toward shared household expenses, debt/credit card repayments, or necessities for both children. 

 

Thisisnotus's picture

the way I see it...if it wasn't for her filing you'd be getting ZERO because your loans.

Just on a vacation and call it a day.

Petronella's picture

Maybe the OP should consider getting his loans into repayment status, rather than blowing this money on a vacation.

Thisisnotus's picture

you don't need upfront money to get student loans into repayment status.He could have done that at any time. They will work with you and base payments on your income or a variety of other options.

Student loans are no joke and people who think they can escape them are wrong. They will never go away.

ProbablyAlreadyInsane's picture

It's easy to lower the payment... I could apply in about 30 seconds and have mine lowered before next month.

Disneyfan's picture

If it weren't for the OP, she and her son would have a much different lifestyle.

If the man is pretty much supporting her and her kid all year long, then splitting the refund shouldn't be an issue. 

Thisisnotus's picture

Maybe. My dh makes 3 times what I do....and if they are already living together what will they each spend the money on? If it’s bills then no need to split it just pay off stuff.....

if they are just gonna hit the mall with their halves then I say just take the vacation.lol 

Petronella's picture

OP says something about his student loans. I think what he means is - any refund he has coming to him will be seized as repayment. So they agreed that the GF would claim both kids so the refund would go under her name.

Petronella's picture

Exactly! Why not go ahead and let them have the tax refund. It's a painless way to make a good-sized payment.

notarelative's picture

Who is the mother of the one year old? Girlfriend? If the answer is yes, she's claiming her children, only one of which you can claim and you don't want to.

Girlfriend and you need to sit down and discuss finances. Be realistic about who pays what, spending, taxes, loans, and savings. Don't forget to add in childcare. You need a budget and to learn to live within it.

Your student loan is yours to pay. It's nearly impossible to discharge in bankrupcy, and will follow you to when you collect social security and beyond. Not paying it can impact your ability to get loans for houses and cars, and if lack of payment shows up in a background check, not paying can affect what jobs you are offered. You need to adjust your budget to include your loan repayment.

There are programs for loan repayment adjustment. Investigate those and apply for what you are eligible for. But, realize you need to figure out a way to pay on your loans every month.

 

 

tog redux's picture

Plus, if he's making 3x what she is - be responsible and pay the loan. I don't understand why people take student loans and then think they don't have to pay them back. Don't have a child and go on vacation if you can't afford to pay your loans. Get a second job and pay your loans. It's financial irresponsibility. 

Monkeysee's picture

No kidding. Every tax return I’ve ever received has gone to loans when I’ve had them. The thought of blowing it on useless crap or taking a vacation I actually can’t afford has never crossed my mind. If they have debts, that’s where the money should go.

tog redux's picture

Seriously. Bonus last year? Paid off one car. Surprise 10K gift from mom? Paid off the other car. 

Chmmy's picture

If she is making 20k and claims 2 kids, she will get something called EITC. It is a huge tax credit for low income and even if you didnt have your student loan problem you guys would be better off claiming the kids on her return because of that credit. I used to do simple tax returns and she could get almost $6000 if they qualify. PM me if you have any questions but it may take a day or 2 before I see it. I don't get notifications for this site...or you can Google it.

Disneyfan's picture

I'm all for helping those that need help, but this trend using government handouts to fund vacations is ridiculous.

notarelative's picture

The OP did not say anything about vacations. Vacation was introduced by a subsequent poster. I agree that, in this case, the money needs to be used for other things (bills, loans), the OP did not suggest using it for a vacation. We actually have no idea of what the OP wants to do with any money he receives from a tax return.He might want to use it wisely. He might not.

tog redux's picture

Well, he certainly doesn't want it to pay his loans, since he's trying to make sure his refund is as small as possible in case they take it. 

Petronella's picture

EITC is a government handout, I thought?

Agree with you that the actual income tax refund is just your own money that you're getting back. Most people would do better to adjust their withholdings to make sure that not too much is being taken out of each paycheque. A really huge refund - IF it's all a true refund - is actually a sign that your taxes at work are set up wrong! 

Disneyfan's picture

Earned Income Credit  is not a refund of your money.  That money is GIVEN to low income families as a tax credit.  

 

Chmmy's picture

If you receive eitc you are getting your money back + a tax credit. Ive seen people get almost $8000 back from a 20k w2. They didnt pay in $8000