Is it possible for my mother to claim me and still be able to claim myself as a student seperately?
2007-01-26 01:58:24 · 7 answers · asked by Chrissilicious 2 in Business & Finance ➔ Taxes ➔ United States
You should consider this point very carefully. You or your mother will be able to claim you as a dependent but not both. If your mother meets the "support" and other tests (You will find these right in the instructions to form 1040 go to www.irs.gov to find them). If your mother meets these tests she is entitled to the exemption, not you. However you need to look at the question on a big picture basis. In order to qualify for the hope credit, lifetime learning credit, or tuition and fees deductions your Mother is allowed to waive the exemption for you and allow you to take it. (You said you were a student I assume college.) One must still consider the effect it will have on your student loans and financial aid. Whilst I was going to college I took my own exemption due to my income levels and therefore qualified for Financial aid. In my junior year I no longer worked so my parents took me as a dependent and I lost my Pell Grant as a result. The net net was that we, as a group, paid out more money. (The lost Pell Grant was greater than the tax savings to my parents)
2007-01-26 02:19:55 · answer #1 · answered by smh60437 3 · 0⤊ 0⤋
You may go ahead and file your taxes, but you will not claim yourself as a dependent, or someone else is able to claim you as a dependent. If you are a student only and your income is limited, you stand to get back most of your money. If you were to accidentally claim yourself, your parent or guardian who has supported you stands to lose 1000.00s and/or will be costly in Amending returns
2007-01-26 02:14:18 · answer #2 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋
If a guy or woman earned $8600 in wages (W2) and had taxes withheld then you certainly could document a tax return to get the withholding refunded. If a guy or woman earned $8600 in self employed (variety 1099) then sure you're at risk of document a tax return variety 1040, Sch C and Sch SE. solid success
2016-12-16 14:02:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can file, but if your mother is eligible to claim you, you'll note on your return that you can be claimed as a dependent, and you'll get a standard deduction but not a personal exemption, your mom will get the exemption.
2007-01-26 04:53:36 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
you can only be claimed once, either by your mom or by yourself. If she's helping you with school and is paying for at least half of your care then she is legally entitled to it.
2007-01-26 02:04:42 · answer #5 · answered by anicarelaford 2 · 1⤊ 0⤋
No, if your mother claims you, you lose your personal exemption.
2007-01-26 02:02:42 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No. There is no student classification any way. Either she takes you or you do - period.
2007-01-26 02:12:06 · answer #7 · answered by vegas_iwish 5 · 0⤊ 0⤋