My parents have me down as a dependent on taxes, but it is only until age 24?

Question

What do I do after I turn age 24 and I am still dependent on my taxes? I am currently a 19 year old boy from NY.

Answer 1

You can claim a dependent if the person meets the criteria as a qualifying child or qualifying relative. These new rules apply for tax years starting in 2005. The old rules for dependents apply for tax years 2004 and earlier. These rules enable you claim a person as a dependent. A dependent means that the person relies on you for their support. A person can be either independent (supporting themselves) or the dependent of at most one taxpayer. If more than one taxpayer attempts to claim the same person as a dependent, each taxpayer will be audited to determine who is legally entitled to claim the dependent.

Being able to claim a dependent is necessary if you want to take advantage of various child-related tax benefits, including the child tax credit, the earned income credit, the childcare tax credit, and the head of household filing status.


Qualifying Children
To be claimed as a qualifying child, the person must meet four criteria:
Relationship — the person must be your child, step child, adopted child, foster child, brother or sister, or a descendant of one of these (for example, a grandchild or nephew).

Residence — for more than half the year, the person must have the same residence as you do. (More than half a year means, at minimum, six months and one day.)

Age — the person must be

under age 19 at the end of the year, or
under age 24 and a be a full-time student for at least five months out of the year, or
any age and totally and permanently disabled.
Support — the person did not provide more than half of his or her own support during the year.

TIPS

The qualifying child must live with you for more than half the year.
The old rules stated that the taxpayer must provide over half the support. The new rules state that the qualifying child must not provide more than half of his or her own support. The change makes it easier for families relying on public assistance, charity, and gifts from family members to claim a dependent.
If a child does not meet the criteria to be a "qualifying child," you may still be able to claim the child as a dependent using the tie-breaker tests or the qualifying relative tests.
Tie-Breaker Tests for Claiming a Qualifying Child
If two or more taxpayers claim a dependent as a qualifying child in the same year, the IRS will use the following tie-breaker tests to determine which taxpayer is eligible to claim the dependent. The tie-breaker tests are listed in order of priority.
The child will be the qualifying child of:

the parent,
the parent with whom the child lived for the longest time during the year,
if the time was equal, the parent with the highest adjusted gross income,
if no taxpayer is the child's parent, the taxpayer with the highest adjusted gross income.
TIPS
A child can be the dependent of at most one taxpayer.
There are normally 365 days in a year, so chances are the child will spend at least one day more with one parent than the other parent.
If the child spends exactly equal time with both parents, the parent with the higher income will be able to claim the dependent.
The non-qualifying parent can claim the dependent ONLY IF the qualifying parent releases his or her claim to the dependency exemption using IRS Form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents (PDF document).
More Information About Dependents
Definition of a Qualifying Relative
Qualifying Relatives: Relationship Test and Residency Requirements
Old Tax Laws Defining a Dependent
Complications with the Uniform Definition of a Child

Hopefully, by the age of 24, you'll be working and living on your own, and won't have to worry about that at all.

Answer 2

If you are a full-time student, they can claim you as a qualifying child until (not including) the year you turn 24 as long as you live with them for at least half the year and don't provide over half of your own support. If you are not a full time student for at least five months of the year, they can only claim you if you are under 19.

If they can't claim you as a qualifying child, they might be able to still claim you even after age 24 as a qualifying relative if they provide over half of your support and you don't make over $3400 gross income for the year. But if you aren't in school, I'd assume you would have a job and would make over that.

Answer 3

Well, it's until age 24 if you are a full-time student. If you don't meet that requirements, then you're not considered a dependent. You don't have to file for taxes also unless you make over $3000 (well, that's what it was a couple of years ago, it may have gone up a little).

Answer 4

Maybe you should get a job so you can claim yourself on the taxes.
Or if your in school stay there and work on a career goal for when you get out of school.