in 2007, He has bought and sold some stock & made $1700, earn $1007 interest on certificate deposit in his traditional ira, he cashed in US saving bonds & earn $1245.60 interest. He lives with me all year long. Can I file as head of household and claim him as dependent on my tax return this year 2007 ?
2007-12-01 01:17:49 · 4 answers · asked by fhjccy 1 in Business & Finance ➔ Taxes ➔ United States
First off, even if you can claim him as a dependent you can NOT file as Head of Household based upon him. I hope you have not filed as HOH in the past; if you have you will need to amend those returns pronto.
One of the tests he has to meet is less than $3,400 in gross income. The income earned within the IRA does not count. The $1,700 from the stock trades and the Savings Bonds does count. That totals $2,945.60 and if it's his total income then he meets that test.
He must also meet all of the other tests, i.e. lived in your home all year, received more than half of his total support from you, not be the Qualifying Child of another taxpayer, not file a joint return with another taxapyer (except to receive a refund of all taxes withheld) and your relationship must not violate local law.
Assuming that all tests are met it looks as if you can claim him as a dependent under the Qualifying Relative rule. But again, you may NOT file as Head of Household!
2007-12-01 01:33:15 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
You might be able to claim him as a dependent but you don't give enough info to say for sure. To qualify, he has to had lived with you all year, his gross income has to have been under $3400 for 2007, he can't have been anyone else's qualifying child or filed a joint return with anyone else, and you have to have provided over half of his support.
The money he made in his traditional IRA's doesn't count unless he took it out, so if your question lists all of his income for the year, and he didn't take out any of his IRA money, his income would just be the savings bond interest and would be well under the $3400 limit.
As for providing half of his support, you'd have to calculate that. There is a form on page 32 of the 2006 publication 17 for figuring support. It will likely come down to how much the bonds were that he cashed, and what other money he might have had that he used for his own support. If you didn't provide over half of his own support you can't claim him.
There's one other requirement that could keep you from claiming him, and it depends on where you live. If there is a law or ordinance where you live that makes your relationship illegal, you can't claim him. Believe it or not, some areas still have laws prohibiting cohabitation by unmarried couples. Even if they are no longer enforced, but are still on the books, you couldn't claim him.
So whether or not you can claim him depends on the above issues.
Whether or not you can claim him as a dependent, you can't file as head of household - the dependent has to be closely related to you for that, and he isn't.
2007-12-01 02:20:46 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
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2016-11-13 03:18:42 · answer #3 · answered by Erika 4 · 0⤊ 0⤋
No you cannot claim your fiance as a dependent. A dependent must be one of your children.
You need to file your own taxes and your fiance needs to file his own taxes.
2007-12-01 01:25:56 · answer #4 · answered by Vera C 6 · 0⤊ 3⤋