My son is 21 years old, a full time college student and is covered under our medical insurance policy. When he files his taxes he wants to be able to take his own deductions on his return. I hope this makes sense.
2007-09-12 13:47:59 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your dependent health insurance coverage is completely independent of tax status. Based on tax brackets, it might be better for him if you claim him as a dependent, and give him the incremental difference in your taxes.
2007-09-12 13:59:30 · answer #1 · answered by Jonathan B 4 · 1⤊ 3⤋
It depends on the policy and maybe on state law. Eligibility for coverage under a family plan usually ends on the child's 18th birthday, or a later birthday if a full-time student (21, 22 or 23). Unless he is contributing to the health care premiums, he will not be able to claim those, but he will be able to take other medical expense deductions for medical expenses he has paid for. Who pays for his health insurance is not relevant to whether he can claim the deductions.
It should be unlikely that he will benefit from itemizing, however.
2007-09-12 14:01:00 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
If your parents can claim YOU, then you can't claim a dependent and they can claim him. If you're under 19, or under 24 and are a full time student for at least 5 months of he year, then if you live at home it's very likely they can claim you. You don't give enough info to say for sure. You'd be very surprised how much that home they provide for you and your son costs, even divided by the number of people who live there.
2016-05-18 01:39:26 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Your medical insurance is probably not dependant on your tax filing (meaning yes, he could still be covered by your insurance) but you should check your insurance documentation to be sure.
2007-09-12 13:57:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Insurance companies usually don't have a tax filing requirement to determine if someone can be included on your medical insurance.
2007-09-12 14:48:09 · answer #5 · answered by Steve 6 · 0⤊ 0⤋
Your unmarried child under the age of 24 who is a full-time student cannot take his own personal exemption unless he provides over half of his own support. If he does not provide over half of his own support, he is your dependent. If he is your dependent, he is not allowed his own exemption whether you take it or not. He still gets his standard deduction of $5,350.
Your insurance may require that the child be your dependent, you will have to ask your HR department or insurance carrier.
2007-09-12 14:25:31 · answer #6 · answered by ninasgramma 7 · 2⤊ 0⤋
Ask your medical insurer if he can be covered under your medical policy. We can't tell you, since we don't know who your health insurer is.
2007-09-12 14:10:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
check with your HR department at work; rules may vary by state or insurance plan.
2007-09-12 13:56:02 · answer #8 · answered by Barbara E 4 · 0⤊ 0⤋
yep
2007-09-12 13:55:16 · answer #9 · answered by teelob 3 · 0⤊ 0⤋