Are the two deductions equal?
What are the amounts of the deductions?
2007-02-16 10:35:02 · 6 answers · asked by ucsb 1 in Business & Finance ➔ Taxes ➔ United States
if you are under 18 she gets to claim you anyway if you still live in her house and she supports you.
2007-02-16 11:05:16 · answer #1 · answered by stuart 3 · 1⤊ 0⤋
It's not a matter of you "letting" her claim you as one responder said - if she is eligible to claim you, then she can and doesn't need your permission, and whether she actually claims you or not, you can't take an exemption for yourself.
The exemption amount is $3300 no matter which of you is entitled to claim you. The effect on taxes depends on your rotal income and some other factors, and is very likely NOT the same for the two of you.
2007-02-16 21:54:13 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
They're not deductions, they're exemptions. An exemption (personal or dependent) reduces your taxable income by $3,300 for 2006. The tax impact will depend upon your tax brackets. Parents are usually in a higher tax bracket and should therefore claim the child as the total family tax bill wil be lowest that way. If the child is in a higher tax bracket, the parents should normally relinquish the dependent exemption and let the child take their personal exemption.
2007-02-16 18:41:06 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 2⤋
First, if your mother is legally ALLOWED to claim you as a dependent, than you are NOT legally allowed to claim a personal exemption. This is true even if she does not actuall claim you. Whichever of you is allowed to claim the EXEMPTION, reduces their taxable income by $3,300. Page 19 of the 1040 instructions has the rules to determine if you are your mothers dependent.
2007-02-16 20:19:40 · answer #4 · answered by STEVEN F 7 · 1⤊ 0⤋
Unless you earned like 8,000 let her claim you.
She gets more money back if she does.
Unless you earned a bunch of money it wouldn't save you anything anyway.
2007-02-16 18:38:51 · answer #5 · answered by agropelter 3 · 0⤊ 3⤋
she gets the money back which most likely will be more. if she is a nice mama she will hand you a few bucks...why not your her daughter.
2007-02-16 18:45:03 · answer #6 · answered by brown eyes 4 · 0⤊ 2⤋