I am 18 and live with my parents....i know they can claim me as a dependent but on my taxes can i still take the 5000 standard deduction and the 3300 exeption?
2007-02-01 12:03:47 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Nope. Since they are claiming you as a dependent, they gets your personal exemption.
Your standard deduction is the greater of either your (earned income plus $300) or $850.
Best wishes.
2007-02-01 12:12:15 · answer #1 · answered by JQT 6 · 0⤊ 0⤋
You need to ask your parents if they are going to claim you. Just because you lived with them does not mean they are obligated to claim you. But if they do claim you, then you cannot claim yourself. Which means you would have zero exemptions and thus could not claim the 3300. If you look at the 1040 form, it says on line 6A that if someone else can (is) claiming you as a dependent, you cannot claim yourself. Sorry for the bad news!
2007-02-01 20:17:26 · answer #2 · answered by Leah G 2 · 0⤊ 1⤋
If yer a dependant.. you get no claims or deductions as i remember it.. which is odd since you are legally an adult (unless you are a student.. they used to have an exemption for that up till 21 dont know what it is now)
If you are a dependant general rule is you cant claim anything.. Call the IRS hotline
2007-02-01 20:18:06 · answer #3 · answered by darchangel_3 5 · 0⤊ 1⤋