Can i be claimed as a dependant?

Question

If i made more than 3k but only since august? My parents have always had me as a dependant until now. Could i be like partially dependant? Why are you considered independant once you make 3k A YEAR? What??!!

Also exactly how much do you get for having a dependant? Isnt it like 6k you get to write off?

Is there anyway around this? Like since my parents pay, and can prove the pay, for my school, clothes, food, transportation, everything.

Also can i still file taxes as a dependant? Im self employed and im gonna need to file taxes this year, because if i do it under my parents name i wont be able to afford their tax bracket percentages! (im a minor)

When i say 3k i mean that according to wikipedia one of the qualifications to be a dependant is that you have to make less than 3k a year. Is this true?

Answer 1

The answer depends in part on your age.

First, if you are under 19 or under 24 and a full-time student, then the amount of income you have does not determine if you are a dependent of your parents. If you do not provide over one-half of your own support, then you are a dependent. If you provide over one-half of your own support, you are not a dependent.

If you are either age 24 or older, or age 19 or older and not in school, then the income test applies to you. If you earn $3,400 or more you cannot be claimed as a dependent. If you earn less than $3,400 and your parents provide over half of your support, then you are a dependent of your parents.

For you, income is your net income from self-employment, after expenses are deducted. If your net income is $400 or more, you are required to file a tax return.

Finally, an exemption can never be split between two taxpayers.

Answer 2

You don't say how old you are, and that can make a difference. If you are under 24 as of the end of the year and a full time student for at least five months of the year, and live with your parents for over half the year, and don't provide over half of your own support, they can claim you as a qualifying child. Sounds like that would apply to you.

The other way to claim a dependent is as a qualifying relative. If you were 24 by the end of the year, but you make under $3400 for the year and they paid over half of your support, they could claim you as a qualifying relative.

There is no such thing as partially dependent. For tax purposes, you either are or are not a dependent for the year.

They will get a $3400 exemption for having you as a dependent. That doesn't mean they save that much in taxes, it means that $3400 of their income isn't taxed. So if they are in a 25% bracket, their actual tax savings would be 25% of $3400, or $850. They can probably also get a credit on their taxes for part of the tuition and fees they paid for your college.

You will have to file a tax return since you have over $399 in self-employment income. You'll do it under your own name, not your parents - you couldn't file as part of your parents' return if you wanted to, which you don't. You are earning the money, you must file your own return. On the return, when it asks if you can be claimed as a dependent, you'll check "yes".

Answer 3

To be considered a dependent you have to be a minor (under 18) living in your parents home or under the age of 24, living in your parents home and are a full time student. Your parents can claim you if they financially supported you and you lived under their roof for more than 6 months of the year.

I think you have to claim "0" since your parents still claim you, 0 means you aren't claiming yourself or anyone else. Then your parents claim 3, mom, dad and you plus whatever else they claim.

You used to get $2500 a few years ago for the first child, then it goes down each additional child and I think you can claim only 2 or 3. I'm not sure what the rate is now, I had heard it dipped under a $1000/kid, but not positive if that is true as I can't claim my step kids so haven't looked into it.