I am currently 19 years old, about to turn 20 in November. I am attending college full time so my parents are still allowed to claim me as dependent. Latley we have been having some money issues and I was wondering how much money my parents are getting each year for claiming me as a dependent. They make around 40,000 a year.
2006-09-26 10:40:40 · 7 answers · asked by Ashley M 2 in Business & Finance ➔ Taxes ➔ United States
My parents do not pay for any of my college education. They are expected to pay $1000 each semester but I work an extra job to pay what they are expected to pay and I get nothing in return, I don't even live with my parents in the summer I work in New Mexico all summer at a camp. The most I get from my parents is around 10-20 a month at most for gas or something. I pay for everything else and have 2 jobs...one to help them and 1 to have money for myself...so everyone that commented on this question by telling me to grow up, i have and i have loans....i just start to think i suport my parents more or as much as they suport me.?
2006-09-26 11:57:30 · update #1
You want this information so you can throw it in their face? More ammunition just means more casualities. Are your parents helping out with College? Haven't they paid enough for you financially? Time to grow up, dear, get a job or a student loan. It's none of your business what your parents make or anything like that. They have already put out a lot for you. It's time to be grateful. Thanksgiving is coming. Who are you going to thank for your upbringing?
Perhaps you should have put that in your question to begin with (additional details). Your question is very vague. I would not be helping them out if you are going to school. You can help them out when you have finished your degree. Sorry for the misunderstanding. But I will say again DO NOT use anything against them. Just say you can't help them out right now. You need to study. Ask them to not bring up anything financial while you are visiting. And you need to do the same. Again, I am sorry. I know how it feels to be misunderstood. I hope you have a great day and I'm sorry to have upset you. Make sure in the future you add all pertainent details so there is no confusion when asking a question.
2006-09-26 10:47:51 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It is not so much a matter of "getting" money but getting their money back. You can look in the tax instruction book for the Earned Income Credit but, in reality, this question will not help solve the issue. If you are fighting about money, telling them that "get" $2000 a year for claiming you will only fuel their desire to "teach" you responsibilty by depriving you of even more money.
If you are trying to find a litlle extra to help them...they can claim the tuition paid as a tax credit.
Hope this helps.
2006-09-26 17:59:16 · answer #2 · answered by Huggles-the-wise 5 · 2⤊ 0⤋
At only 40 grand a year,your lucky to have them pay for your tuition.Quit whining and get a job.Show some responsibility!Help THEM out now.You'll never be able to pay them back for raising you anyway,even if (I doubt) that thought ever crossed your closed little mind!!
2006-09-26 18:11:46 · answer #3 · answered by thetdw 4 · 1⤊ 0⤋
Next years exemption should be about $3400 and it appears they are at the 15% tax bracket, so they should get back $510 (3400*.15)
2006-09-26 17:44:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you can claim the personal exemption... and if they paid for college, they can either claim the education deduction, or education credits... i think the name is Hope and Life long credits.
so it's helpful that they claim you as a dependent.
2006-09-26 17:47:51 · answer #5 · answered by bbbryan14 2 · 0⤊ 0⤋
A whole lot less than they spend to support you.
2006-09-26 17:44:12 · answer #6 · answered by al 5 · 1⤊ 0⤋
AHAHAHAHA.... thats funny. probly lots of lote
2006-09-26 17:53:05 · answer #7 · answered by rockinbrock2000 2 · 0⤊ 1⤋