I'm currently not a student and I'm getting ready to re-enroll for the 2007-08 fall semester. Usually my mother would claim me as a dependent except for last year when I decided to go solo. This time around I'd like to figure out whether it makes a difference if I claim solo again or is it recommended bo file with your parent. I do understand you may get more financial aid if you claim as a dependent, right? What can you guys suggest?
2007-01-16 17:23:19 · 2 answers · asked by PS 1 in Business & Finance ➔ Taxes ➔ United States
There is more information needed. Are you living at home? How old are you? Does your mother provide over half of your care? Were you a full-time student for at least part of five months during 2006? All of these things will determine whether to file as a single.
2007-01-17 00:12:00 · answer #1 · answered by anr 3 · 1⤊ 0⤋
Financial aid depends upon the total family income. Whether your parent claims you as a dependent or not isn't a factor. If your mother claims you as a dependent, you lose your personal exemption. You should figure your taxes together and determine which way results in the least total tax liability between you.
2007-01-17 01:39:14 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋