I'm fresh out of college and have begun to work full-time. When it comes to paying taxes next year, should I claim myself or should my parents claim me?
2007-08-22 05:53:01 · 7 answers · asked by nobosh.com 2 in Business & Finance ➔ Taxes ➔ United States
Judy is not correct. Even if your parents can claim you, they don't have to. Talk it over with your parents. I'm sure they would like the tax writeoff but you will probably get a pretty good return your first year out...especially if you didn't work the whole year. You could always hire a financial advisor. With no debt or a lot of money, it will probably only cost you about $100. I graduated from college last August and I got a $2000 return because I filed separately.
2007-08-22 06:06:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Judy is correct. Somebody's "experience" doesn't make him right. In practice, the IRS has no easy way to determine whether your parents can claim you. They would have to look at your situation individually to see who spent what. They won't do that unless they happen to audit you or your parents.
You and your parents may, however, be able to arrange spending for the last 1/2 of the year to shift the balance 1 way or the other.
2007-08-22 11:27:02 · answer #2 · answered by CarVolunteer 6 · 0⤊ 0⤋
If your parents meet the rules to claim you, then you are not allowed to claim yourself even if they don't actually claim you
If you were a full-time student for at least five months of the year, didn't provide over half of your OWN support for the year, and lived with your parents for at least half the year not counting temporary absenses for school, then they can claim you so you can't claim yourself.
2007-08-22 05:57:59 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
If the monetary assist you to acquire became into loans, it counts as help presented via whoever (you, or your mothers and dads) is by and massive to blame for repaying the non-public loan. If it became into provides or scholarships, would not determine interior the calculation. in the adventure that your hire is for non everlasting housing away at college, then your confirm's abode remains seen your abode and your proportion of those costs counts as area of their contribution on your help. yet while to illustrate you pass to college regionally, yet have moved out of your mothers and dads' abode into an house you're procuring, then their abode no longer could determine into your help. It looks such as you're very probably offering over 0.5 of your man or woman help, so at the instant are not a based. Do the mathematics.
2016-11-13 04:12:20 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You'll need to read the IRS guidelines on dependents - your parents may still be able to claim you for 2007 because you were a student.
2007-08-22 06:03:33 · answer #5 · answered by aiownk 2 · 0⤊ 0⤋
Judy is correct, I agree with her
2007-08-22 06:00:31 · answer #6 · answered by stevieeee12000 2 · 1⤊ 0⤋
if you earned money, you will want to claim yourself
2007-08-22 05:56:24 · answer #7 · answered by Anonymous · 0⤊ 1⤋