We have a 21 year old son who has worked full time for a year, but only makes enough to pay for his car, car insurance, and health insurance. The tax preparers say he can no longer be counted as a dependant, but he is still at home and we are still paying for what I believe about half of his expenses. Are they right? Once you are able to file taxes, you can't be counted as a dependant?
2007-02-17 10:20:05 · 2 answers · asked by Mrs.Blessed 7 in Business & Finance ➔ Taxes ➔ United States
Unfortunately the other person who answered this question is right! Our 22-yr.-old son works full time and for the first time we were unable to claim him even though he eats us out of house and home!! As a result of his making too much money and not being a full-time student he will also be taken off our health insurance. Real life is starting to catch up to him...and I can't say he's thrilled about the loss of security!!
2007-02-17 10:30:55 · answer #1 · answered by 60s Chick 6 · 2⤊ 0⤋
Your tax preparer is correct on this.
Since he is not a full-time student, you can only claim him as a dependent if his gross income is less than $3,300.00. If he has a full time job, his income is well in excess of that even if he's only making minimum wage. It no longer matters how much of his support you pay, the gross income test kills the dependency exemption for you now that he's over 18 and not a full-time student.
2007-02-17 18:27:22 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋