I really messed up. I am a college student and filed my taxes for the first time this year. I was so proud of myself, but when I told my mom, she got really mad. I am a dependent, and my parents help pay for my tuition using 529. Apparently, I was not supposed to file my own taxes and was supposed to be filed as a dependent on my parents' taxes. No one told me this, so I filed my own. My mom says that I just lost us thousands of dollars we would have gotten back. I tried to see how to delete the return, but it seems to not be possible. I feel terrible, and I have no idea what to do.
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You made a mistake that is very common among students and young people who are inexperienced and are filing their first tax returns. This can be fixed, but it takes awhile. First----by saying on your own tax return that no one could claim you as a dependent, you have blocked your parents' ability to e-file and claim you. They can still file their tax return that claims you as a dependent, but they cannot e-file now. The only way they can file their tax return that claims you and the education credit is to file by mail. They have to print, sign and mail their tax return this year.
Meanwhile, after your own return has been fully processed, then you have to amend it. You will use a Form 1040X. When you go to My Info, it asks you if you can be claimed as someone else's dependent. You have to change your answer to YES.
It will not help your parents to wait for you to amend. They can mail their return whenever they are ready to mail it. The IRS will process their mailed return, allow them to claim you and allow the education credit. It will all just take longer and they will wait longer for their refund because it takes the IRS longer to process mailed returns.
Going forward.....while you are still a full-time student under the age of 24, even if you have income from a job---you can file your own tax return to seek a refund of tax that was withheld from your paychecks. BUT----on your own tax return you MUST say that you can be claimed as someone else's dependent.
Your amendment can be prepared and ready to go. Mail it within a week or two after your return has been accepted.
Be sure to read all the instructions carefully, before you begin, so that TurboTax knows the original numbers and the changed numbers for your amendment.
In the Personal Info section you will see the question 'Another taxpayer can claim me as a dependent on their tax return' - Answer Yes
As indicated by xmasbaby0, your parents should prepare their return, claim you and mail it in as soon as they have it ready. You have done the best thing by reaching out to find out how to fix it.
will turbotax e-file an amendment for change of dependent status?
It should.
you don't have to wait.
your tax may change and you want to pay before April 15th
Another option is for your parents to file an extension and wait for your amended return to be accepted, after e-filing it. Then they can efile their return rather than have it go through the long mail in process. Don't forget your state return.
Your parents don't have to wait for your amended return to be accepted. They HAVE TO MAIL their return this year. Once a ssn has been entered into the IRS it can't be efiled again even if you amend your return.
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