Apparently, the guy who does income tax for my parents took me and my brother off of parents' income tax' dependent list when we became 18. Now I'm 21 and my brother 23. Recently I found out from friends that my parents can still claim me as a dependent even though I'm over 18. Can anyone help please? Who is right or wrong? Is there anything I can do for those deduction that my parents were supposed to get a few years back? Thank you, Yahoo community!
2007-02-27 12:45:57 · 6 answers · asked by NNU 2 in Business & Finance ➔ Taxes ➔ United States
Your parents can claim you as a dependent if they are paying 50% or more of your living expenses. If they are not, then they can't. It's pretty simple. It's in the G.A.P. (General Accounting Practices), so I don't know who your parents has doing their taxes. But, when I do peoples taxes, if they pay for 50% or more of somebody's expensives, I give them the dependent.
2007-02-27 12:56:58 · answer #1 · answered by Finesse 3 · 0⤊ 4⤋
If you are a full-time student (as defined by the school), under 24 at the end of the tax year, and your parents provide more than half of your support they can still claim you as a dependent.
If you are not a full-time student and are over 18, you must have less than $3,300 in gross income OR be totally and permanently disabled AND meet the support test to still be claimed as a dependent.
If your parents failed to claim all of the dependency exemptions that they were entitled to going back to tax year 2003, they can file an amended return for that year and get a refund. Keep in mind that if they do that, the persons being claimed on their amended returns may need to amend THEIR OWN returns if they earned more than the standard deduction amount for the tax year in question. They may have to pay taxes and penalties due to the loss of their personal exemptions so it is very important that everyone review their tax situation and decide if it's worth having them file the amended return(s). It wouldn't make sense for them to get back $800 if you and your brother had to pay $900 in back taxes, penalties and interest.
2007-02-27 13:08:30 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
A child can be claimed as a dependent until age 24 as long as they are a full time student, live with their parents...(school lodging is regarded as temporary absence) and the parents provide more than half of your support.
Just a note. Your parents would be eligible for EIC if there income does not exceed $38000
Yes, you certainly can go back and claim the deductions in previous years. File a 1040X for each year. You can only file for a refund for the last three tax years however.
2007-02-27 13:13:41 · answer #3 · answered by loandude 4 · 0⤊ 3⤋
As long as you are under 23 and a full-time student, your parents can still claim you as a qualifying child as long as you don't provide over half of your own support. Even after age 23 they still might be able to claim you as a qualifying relative if you make under $3300 a year, but there are additional rules to follow - they have to provide over half of your support.
They can file amended returns back to tax year 2003 and get refunds for whatever they should have gotten but didn't. If the person who does their taxes is a professional preparer, not just some buddy or neighbor, then that person should prepare the amended returns at no charge, since it was their error. For years farther back than 2003, any refund is lost - and the deadline to file to get a 2003 refund is 4/15/07.
If you are not a full-time student, then your parents couldn't claim you as a qualifying child after age 18, although they still could for the year you turned 18. And they could still claim you after that as a qualifying relative as long as they provide over half your support and you don't make over $3300 for the year. $3300 is the limit for 2006 - for 2005 it was $3200, and for years before that, there were different, less restrictive rules.
2007-02-27 13:09:38 · answer #4 · answered by Judy 7 · 1⤊ 1⤋
They can claim you as long as they are providing over 50% of your support. Regardless of age. My son had an on the job injury at 25 and could not work for a year. I supported him and claimed him AND his son.
They can file amended returns for 3-5 previous years.
Tell mom and dad to get a new tax man and if he works for a 'tax service" that guarantees they get you all of the deductions, ask them for the interest on the money they lost.
2007-02-27 13:23:13 · answer #5 · answered by professorc 7 · 0⤊ 2⤋
yes they can...i believe until u graduate from college
........... Due to the statue of limitations,you are able to correct errors on returns within three-years from the due date of the return. .. not including extensions... If the taxpayer has omitted gross income in excess of of 25% of the gross income reported on the return then the statue of limitations runs for six years.you must file an amended return in order to use this statue. This can only be done if the taxpayer has failed to take an allowable deduction or if they find that they took an improper deduction in an earlier return.... www.irs.gov
2007-02-27 12:53:45 · answer #6 · answered by Anonymous · 0⤊ 4⤋