My son worked part time this year while attending tech school as a sr. He earned aprox 8500 dollars-(I have his w2 but not with me so I am estimating here;)
does he have to file and if he does can I still claim him as a dependent?
--thanks so much:)
2007-01-29 04:42:47 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes, he does have to file.
If you claim him as a dependent, then he cannot claim himself. Your best is to do a comparison to see which way comes out the best. This is what we frequently did at the accountant's office that I worked at.
Calculate his taxes first claiming himself, and then not claiming himself. Find out the difference in dollar amount. Then calculate your taxes, first claiming him, and then not claiming him. Find out your difference in dollar amount. Go with whichever way gets you the most money. If he doesn't claim himself, he may owe money (depends on how much he had withheld), but it may be way more profitable for you to claim him, and you can split the difference with him.
Hope that wasn't too confusing. If you want further details, feel free to email me.
2007-01-29 04:59:05 · answer #1 · answered by Sharon 4 · 0⤊ 0⤋
Yes he does have to file, if you can claim him as a dependent. If you can't, then he doesn't have to file unless he made over $8450, but should file anyway if he had anything withheld, so he can get it refunded to him. If he made $8500, then he has to file whether you can claim him or not.
Whether or not you can claim him depends on what he did with the money. If he provided more than half his support, then you would not be able to claim him. There is a worksheet in IRS Publication 17 (download it from irs.gov) to figure support.
If he saved most of his income for later education, or just put it in a savings account for whatever reason, you're in the clear. But if he spent it all, on himself, then you might not be able to claim him.
If you didn't provide over half of his support, then you would not be able to claim him even if he doesn't file his own return.
In any case, at 17, he's too old for you to get the child tax credit for him.
2007-01-29 14:22:31 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes, he has to file. However, given the amount, he's unlikely to owe anything.
Yes, you can still claim him because he is a dependant (assuming that he fulfills the definition). When he files, he'll say that he's being counted as a dependant on someone else's return.
2007-01-29 12:51:11 · answer #3 · answered by Jay 7 · 0⤊ 0⤋
according to the IRS, if he is single, he does, the amount to file is 5,150. i assume he lives at home, and you paid most of his support. in that case, you get to claim him
http://www.irs.gov/publications/p929/ar02.html#d0e280
his standard deduction is going to be limited to $850 or The individual's earned income plus $300, but not more than the regular standard deduction (generally $5,150).
on that income
2007-01-29 12:51:19 · answer #4 · answered by Jen 5 · 0⤊ 0⤋
yes to both of your questions. He might even get a tax refund if he does file
2007-01-29 12:50:35 · answer #5 · answered by nj2pa2nc 7 · 0⤊ 0⤋
he can file, he just has to mention that someone is going to claim him which would be you. I know this cause I have done this.
2007-01-29 12:50:07 · answer #6 · answered by coldconfession13 3 · 0⤊ 0⤋
I think if he earned over 5 thousand you do.
2007-01-29 12:50:22 · answer #7 · answered by Jade S 3 · 0⤊ 0⤋