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For example: let's say Mary, who is 22 lives with her parents and is going to college full time. She also works, and donates a lot of money to charity, has a significant amount of gambling losses, some employee expenses, etc, such that her itemized deductions are higher than the standard single deduction.
However, since she is a dependent, are there any strange rules governing dependents itemizing? Is it allowed at all?
Thanks

2007-02-20 09:35:50 · 7 answers · asked by Together 4 in Business & Finance Taxes United States

7 answers

1 Are you sure your still a dependent if you are providing more 50 % to your own support you are not a dependent.

2 5150 is the magic number>Long Form 7.50% agi for medical + RE Taxes+ Income tax in state + charity subject to Limits + tax prep+ gambling losses up to winnings declared . In other words anyone can do it .

Advise
let mom and dad take the personal for 3300.
Check into HOPE and LIFETIME education credits

2007-02-20 09:48:33 · answer #1 · answered by Rick F 2 · 0 0

Dependents are allowed to itemize. However, she should determine if she is actually a dependent. If her parents did not provide at least half of her support, she is not their dependent. Gambling losses are only deductible up to the amount of gambling winnings.

2007-02-20 13:14:23 · answer #2 · answered by STEVEN F 7 · 0 0

Dependents are for exemption purposes. Itemized is as against the traditional Deduction. the two are thoroughly separate. yet particular, you are able to declare all valid dependents and itemize.

2016-11-24 20:47:52 · answer #3 · answered by Anonymous · 0 0

Gambling losses are only deductable to the extent that she has gambling winnings.

Otherwise, if she has the receipts to prove the charitable and employee business expenses to get over the $5150 standard deduction, yes, she can itemize.

2007-02-20 09:43:07 · answer #4 · answered by Wayne Z 7 · 0 1

If she is a dependent that means her income is very low and the standard deduction would be sufficient. She doesn't need to itemize.

2007-02-20 09:46:31 · answer #5 · answered by Dizney 5 · 0 1

No,there's no rule preventing a dependent from itemizing.

2007-02-20 12:21:44 · answer #6 · answered by Judy 7 · 0 0

Even though she is a dependent, if she works and earns money she may also file her own income taxes, and she can itemize there, check on irs.gov.

2007-02-20 09:41:15 · answer #7 · answered by smartypants909 7 · 0 1

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