i am a single mom of a 17 yr old and i am disabled, i do not have to file federal due to my income being below the taxable level, but what i am wondering is on my son's tax return where it asks can someone claim you as a dependent, i put no on his taxes, did them online, and now i'm wondering if this is right? i can't claim him since i don't file but if i did file i can claim him so which would it be? i really need this advice or does it really matter, he only made about 4000.00 this yr? but now i'm trying to apply for his financial aid and i want to make sure his taxes are right. any help would be great."
2007-02-06 13:13:50 · 4 answers · asked by msfusion 1 in Business & Finance ➔ Taxes ➔ United States
He would get to take a personal exemption for himself but he can not be his own dependent. A dependent is a person other than the taxpayer who relies on the taxpayer for his support.
2007-02-06 13:23:50 · answer #1 · answered by TaxGurl 6 · 0⤊ 3⤋
If nobody else claimed your son, he is fine taking a personal exemption for himself. If somebody did claim him as their dependent, he would not get a personal exemption.
But it looks like your son will be refunded all taxes he paid if his income is only $4,000. The Standard Deduction alone this year is $5,150 for your son and that will wipe out all his taxable income anyway, guaranteeing him a refund of all federal and possibly state taxes he paid during 2006.
If nobody else claims him he can claim his own deduction of $3,300, but it will not matter because his income is so low he will not be liable for personal income tax.
However, if your 17-yr old son is self-employed, he will pay Self-Employment Tax on his earnings.
2007-02-06 21:28:20 · answer #2 · answered by Anonymous · 0⤊ 1⤋
You did it correctly as you are not filing a return. He can keep his personal exemption.
But, at his income level it's a moot point as he doesn't earn enough to have a tax liability yet, with or without the exemption.
2007-02-06 22:15:23 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Technically, he could not claim himself if anyone else could claim him. That is true even if the other person does not claim him. However, if he is require to file and you are not, he probably provides 1/2 of his own support. In that case, you can't claim him and he can claim himself.
2007-02-06 22:37:25 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋