If you are married and filing jointly with children under the age of 17, there are several things you will need to consider when preparing your tax return. Here is an overview of some of the key issues to keep in mind:
Tax deductions and credits: As a married couple with children, you may be eligible for various deductions and credits that can reduce your tax liability. For example, you may be able to claim the Child and Dependent Care Credit if you pay for childcare while you work or look for work. You may also be able to claim the Child Tax Credit or the Credit for Other Dependents for each of your children.
Income and income tax withholding: You will need to report all sources of income on your tax return, including wages, salaries, tips, and any other taxable income. If you had taxes withheld from your paychecks throughout the year, you will need to report the amount of tax withheld on your return.
Filing status: As a married couple with children, you will generally file your tax return as "married filing jointly." This allows you to combine your income and claim certain deductions and credits that may not be available to individuals who file as "single" or "head of household."
Dependents: You can claim your children as dependents on your tax return if they meet certain criteria. In general, a child must be under the age of 17 and must have lived with you for more than half the year to be considered a dependent.
Tax documents: You will need to gather all of the relevant tax documents, such as wage and earning statements (Forms W-2 and 1099), interest and dividend statements (Forms 1099-INT and 1099-DIV), and any other documents that are relevant to your tax situation.
Filing options: You can file your tax return electronically using tax preparation software or by using the IRS Free File program, or you can file a paper return by mail. E-filing is generally the fastest and most accurate way to file your tax return, and it also allows you to receive your refund more quickly.
By following these tips and gathering all of the necessary documents and information, you can ensure that you are prepared to file your tax return as a married couple with children.