(Appeal) Optimise iras file form b1

[chopra]

Hi. I think it's a good time that we have a script on how to optimise the relief claim for child relief ($0 - $4000), WMCR between spouse n urself.

Edit. PTR doesn't need since its a deduction, not a relief


Anyone got time to do it

 

[chopra]

In e end i use the iras excel to do the permutations to also account for e 20% personal income tax rebate.

The rule of thumb for most is probably husband claim full of $4k for each qualifying child

 

[kindman1]

Probably should be whoever earn the most makes the claim?

 

[Mecisteus]

Uncle Chopra, is this a trick question?

By the way, there is a calculator.

https://www.iras.gov.sg/irashome/Quick-Links/Calculators/

 

[chopra]

Uncle Chopra, is this a trick question?

By the way, there is a calculator.

https://www.iras.gov.sg/irashome/Quick-Links/Calculators/

Not a trick qn. Yes in e end i used e calculator. I dun think everyone uses e calculator. Im sure there will be people who never use the calculator and just conveniently split $2k- $2k for the qualifying child relief. And hence nv optimise.

Rem there r at least 3 variables
- WMCR
- QCR/HCR
- 20% personal income tax rebate capped at $500

 

[mynickname]

You think thata bad, try claiming on parent relief

 

[chopra]

You think thata bad, try claiming on parent relief

Done that too. Now can share name with siblings.

The issue is most ppl wont share income info with siblings. But with spouse, i dont see any problem. Hence, it is a simple mathematical problem that can be solved to optimise