Hi, I went to a tax preparer this year and they recommended me claiming my sibling so I did but now i am wondering how that would affect my schools financial aid. I also still live with my parents which is why I though I would be claimed as their dependent? Would I have to do my taxes again or is the way they are filed fine?
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Q. i am wondering how that would affect my schools financial aid?
A. Not really a tax question. You'l need to seek advice at other forums or directly from the school's financial aid office
Q. also still live with my parents which is why I though I could claim their dependent (my sibling)?
A. That's actually correct. A child can be the “qualifying child” dependent of any close relative in the household. But there are additional rules that must be met (#6 in particular). A child closely related (sibling counts) to a taxpayer can be a “Qualifying Child (QC)” dependent, regardless of the child's income, if:
Q. Would I have to do my taxes again or is the way they are filed fine?
A. You would only have to file an amended return, if you don't meet the above rules or you decide your school aid is effected (probably not). You don't "file again". You file an amended return (form 1040X). You should go back to the tax preparer to do that. It can be done on Turbotax, online, but it's not easy, if not originally done on TT. Amended returns can not be efiled. They must be printed and mailed.
Q. also still live with my parents which is why I though I would be claimed as their dependent?
A. See above rules for whether your parents can claim you. If they can (just like claiming your brother, the most important rule is that you live with them); you can not claim yourself and you can not claim any dependents of your own; so you'll have to amend to delete your sibling.
You can't claim your sibling as a dependent unless your parents either:
a. have such a low income that they don't have to file a tax return. If they do file a tax return, they must only request a refund of withholding and can't claim extra deductions, credits or dependents,
or
b. your income is more than your parents, and they agree to let you claim your sibling instead of them. If your parents want to claim your sibling (their child) as a dependent, they have the absolute right to do so, even if you make more money than your parents and provide more support to your sibling.
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