Our child just graduated from college. is it better for me to claim her or not on my tax returns?

Question

we are self-employed. Will she get a bigger return if we don't claim her?

Answer 1

Depending on how much she made and what she did with it, you might or might not be eligible to claim her. If she graduated in the spring and then got a decent job and moved out on her own, then she might have provided more than half of her own support, in which case if she made over $3300 for the year, you would not be eligible to claim her.

If she made over $5150 for the year, then yes, she'd get a bigger refund if you aren't eligible to claim her. But if you are eligible to claim her and just don't, she still would not be legally entitled to her own exemption, you would, so it wouldn't make any difference. If she made less than that, and HER income was not from self-employment, then her refund would not change whether you can claim her or not.

Answer 2

he's the youngster's father and has a criminal criminal responsibility to love and help her RElationships are a count of compromise and adjustment IRS says the custodial parent is the single with whom the youngster spends extra nights interior the three hundred and sixty 5 days, more effective than 1/2 the nights The custodial parent has the right to declare the youngster's exemption on her tax go back except she indicators an 8332 giving the different parent (now nobody else, not grandparents, cousins) the right to declare the youngster's exemption; even even as she does this, the custodial parent can record HOH and obtain EITC, inspite of the actual shown actuality that father will obtain the exemption and CTC. it may nicely be a truthful thanks to split the tax advantages of having a baby, really even as the daddy is in touch and paying baby help. although, if the daddy is residing with his mum and dad, a fulltime student, and not in any respect providing more effective than 1/2 his personal help, he's a depending of his mum and dad, and as a depending won't be able to declare a depending. subsequently the daddy isn't legally entitled to declare the youngster in the present day. genuinely you should communicate it interior the destiny, once he has graduated and helps himself and providing slightly extra help for the youngster. and probably $40 5 is a truthful quantity of kid help in the present day given his situations, and the time he has the youngster. yet even as that adjustments, even as he receives a job, you want to go back to court. yet do not brush aside the youngster help now.

Answer 3

If the child is over 18, you could claim until they are 21 and attending school.Once out of college you probably can't claim him/her any more unless they were a child prodigy and still under 18. Talk to your tax preparer.

Answer 4

Assuming that she's over 18, now that she's out of school these are the conditions that must be met:

1. Lived with you all year
2. Has less than $3,300 in gross income (NOT $5,150)
3. Received more than half of her support from you.

If she does not pass all of those tests, you cannot claim her as a dependent any more.

Answer 5

You can't claim her now, she's over 18, I presume.