Sign in to the Community or Sign in to TurboTax and start working on your taxes Announcements Get the latest tax filing updates. My wife was in school and a stay at home mom she didn't work for a whole year. If you are the stay at home mom/dad and have no income, yes, you do Should the occupation for a none working spouse be left blank or filled something else? I had to convey four years as a stay-at-home mom into words potential employers could relate to. I’m a stay at home mom (not employed) and my son attends preschool part-time a few days a week. Just curious to see what others put down when asked what is occupation in forms.I usually put 'currently stay at home mum'I have no problem with putting this down just wonder what you put downHeard a few along the waydomestic goddessCeo of smith family I worked the first 6 months of his life BEFORE we were married. Ask for advise from tax person or you can go on-line and check out some of the H & R block tax advise. So I am wondering what if anything I should expect out of taxes for the 2013 year. Learn about tax credits for non-working, divorced stay at home … In our case, one of us becoming a stay at home parent would save almost $300 a week. Quebec had the lowest So for all of 2015 I was a stay at home mom, making no income (I wasn't on mat leave or EI or anything) but I did get the $160 universale child tax credit. If you choose to stay at home with the kids, then you need to make sure you are takings steps to protect your financial future. Depends, do you want to continue being a stay at home mom? Last So I was qualifying Mothers would get a tax break whether they use daycare or stay at home with children from birth to age 13. Less parents stay at home these days, but a higher number of those who do are dads. My husband and I file jointly and we live in Arizona (don’t know if that matters). That was in 2008. I had to quit my job (delivering pizza, making appx 10k per year) at 20 weeks pregnant with our second child due to preterm labor. I’m 32 and I don’t see a clear deadline for when I can return to work. He supported me throughout and I never had income so I didn't file taxes.He just sold his home in 2017 and moved to NV. You’ll save on taxes. If one parent chooses to stay at home to raise their children, the working parent may be able to claim the non-working spouse’s basic personal amount for income tax purposes. I’ve been a stay-at-home mom for five years to a 4-year-old and 2-year-old. My wife has recently left her job and is now a full-time stay at home mom. Can we deduct the tuition we pay to the You’re Anyone who stays at home, don't pay any taxes. How to answer an occupation for a none working spouse in Form 1040? Quick question: My partner and I are not married, but we live together, and I am a stay at home mom and student with our son. I left my husband 2 months ago because he was verbally and emotionally abusive. My hubby and I file married jointly, I am a stay at home mom … Should he file "Married, filing separate" or "Married, filing jointly" Also.. does he claim me as a dependant? I am so confused about what I am legally supposed to do...thanks so much. Are there any useful (and hopefully simple) techniques to minimize my taxes? A Statistics Canada report showed that the majority of dual-earner families felt they were caught in a time crunch and that they didn’t have enough time to devote to family and friends. Since then I have been a stay at home mom. I have been a stay at home dad since our son was born (so we've had two tax years with him) and for the majority of that time I have not worked. In 2010, there were 2.8 million couples with at least one child under age 16 at home. And even if not, you’ll know exactly what you need to do to make it happen in the near future. This calculator will help two-income households to determine the financial effects of transitioning to a one-income household. My SO made about 50k and I made 0. One in five couples (486,000 families) had one employed parent and one stay-at-home parent, according to Statistics Canada. If you ever find yourself fantasizing about becoming a stay-at-home parent, you’re not alone. However, if that stay at home mom/dad has a home based business, yes that would be a different story. Stay At Home Calculator: Can I Afford To Be a Stay At Home Mom or Dad? The Financial Benefits of a Stay-at-Home Parent Losing a source of income stings, but it may not hurt your finances as much as you think. To start, write down your total monthly income. Before … Stay-at-home parents can fund IRAs if their spouse works and the couple files taxes jointly. If you’re considering the stay at home parent route, this is usually the first financial benefit you think of. So, stay-at-home moms do an extra 21 hours a week of unpaid and untaxed labor; at a median full-time wage of just over $37,000 and a marginal tax rate of … I work for a bank and make about 120K a year after bonus. Do I file taxes Who should claim our son? Stay-At-Home Mom Working Mom Single & Step Parenting Dad Perspective Adoption & Foster Care Lifestyle Health Beauty Body Image Home Food Travel Madge the Vag Sex & Relationships Sex Relationships Divorce WATCH My doc said quit and sit on my butt at home or she was going to put me in the hospital. Alberta had the most stay-at-home parents (25%) in 2015. I’ve created a Stay at Home Mom Calculator for you to help you assess how you can make staying at home manageable for your family. I have been a single stay at home mom for all of 2010. What is clear is that there are several important laws and financial rules for stay-at-home spouses. It used to be the mom’s job to stay at home with the kids. With one income and two children and the wife as a dependent also, we were eligible for a tax credit on top of If you do, from a tax perspective he should absolutely claim you as a dependent. Non-working, divorced and stay at home moms have a few key tax credits designed specifically for their situations. Stay-at-homers have until Tax Day 2020 to contribute to IRAs for 2019. Can anyone please give me advice on filing taxes this year? The perversely logical corollary to Obama's desire to structure the tax code to the disadvantage of stay-at-home mothers is his desire to use tax dollars to replace working fathers with the government itself. Hello PFC! This helps to reduce the working spouse’s taxes Such retirement savings may be tax deductible, depending on your MAGI. It was mostly the It actually got us a larger tax return. Enmeshed in complicated government regulations, many … Thank you. What would give us How should I file? I'm a stay at home mom and my husband works. 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