I'm 20 years old, living on my own and in college. I work part-time and pay my own way for the most part but my parents give me money for college. How do I determine if I should be claimed as a depenant on my parent's tax return?
2007-01-08 12:52:06 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you live with your parents for more than half of the year, are a full-time student for some part of at least five months of the year, and you do not pay at least half of your total support, then you can be claimed by your parents as a dependent until either you are not a full-time student any more, or you reach age 24, or are providing more than half of your total support.
Your question sounds like you are no longer living with them. If you didn't live with them for more than half the year, then no, they can't claim you. Temporary absences for school don't count, so if for example you are living in a dorm, or an on- or off-campus apartment while you're away at school but return to their home on school breaks and still have that as your permanent address, then you'd still be considered as living with them. Also, if you're a part-time student, not full time, they can't claim you.
If you are a dependent and made at least $5150 in 2006, then you are required to file your own tax return. If you're NOT a dependent and made at least $8450, then you must file. If you made less than those limits, but had federal income tax withheld, you should file to get a refund.
2007-01-08 13:15:38 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
It sounds like it would make sense for your parents to claim you. Your best bet is to call a local H&R Block office, they will give you the answer over the phone. There is more information needed than what you've given on here.
Basically, if your parents paid for more than half of your living expenses, they can and should claim you. If the numbers are a little fuzzy, it would make more sense for them to claim you because the tax savings for them would be more since they probably make more money than you. Also, if the numbers are fuzzy (you've worked under the table for instance) maybe they would be willing to give you some or all of the extra refund that you got for them. You can go to turbo tax and run the numbers on the simulation both ways to see which way has the most savings.
Also, a tax credit called the Hope Credit may be available to you. I would recommend talking with your parents about this and also having a professional do your taxes- there are to many nuances with taxes to not do it. Chances are they'll get a bigger refund for you than you will...probably more than enough to make up the cost of the return. Don't go to H&R Block for this...a local tax preparer can do the same job for a lot less.
2007-01-08 13:23:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The determining question is: Did you pay for over half of your own support?
YES
You can claim yourself.
Your parents may not claim you.
NO
You cannot claim yourself.
Only your parents may claim you.
Support: Food, clothing, shelter, medical insurance payments, transportation, payments you made for tuition, education loans you are responsible for, toys and luxuries you may have bought for yourself, personal travel and vacations.
2007-01-08 18:09:22 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
OK, only one return can have you as a dependent. You can file and actually NOT claim yourself and allow your parents to claim you. If I were you I would figure the tax both ways, you a single taxpayer and you a single taxpayer without claiming your self as a dependent. See what the difference is and how much money you will lose if you don't claim yourself. Our dependent status means much more to your parents than it means to you. They are probably make much more money and it would really help them to be able to claim you. I would ask them for the money you would receive if you claimed yourself, including the telephone tax credit this year of $30 for a single person and I have a feeling they will be more than happy to agree to this.
2007-01-08 13:17:26 · answer #4 · answered by Anonymous · 0⤊ 3⤋
Head of better 0.5 and little ones means that you've dependents. in case you declare HOH on your W-4 they are going to take out a lot less out of your paycheck each week. it really is a more effective favorable filing status. good success.
2016-12-28 11:50:30 · answer #5 · answered by ? 2 · 0⤊ 0⤋
You parents can claim you as a dependant if :
- you live with them for more than half of the year (the time you live at school and still consider their house your 'permanent residence' counts toward half a year) AND
- you are enrolled as a full time student for more than 5 months out of the year AND
- they pay more than 50% of your support
2007-01-08 13:09:45 · answer #6 · answered by LD 1 · 0⤊ 2⤋
Go to irs.gov The forms will walk you through the determination if you need to file a tax return.
2007-01-08 13:00:03 · answer #7 · answered by Aggie80 5 · 0⤊ 1⤋
I believe in the US you're a dependent until you turn 21, or before that if you get married.
2007-01-08 12:59:26 · answer #8 · answered by Voodoo Lady 3 · 0⤊ 4⤋