SabrinaD2
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If your son claims you as a dependent on his tax return, you and your wife can still file a joint tax return. Here’s what you can keep and what you will lose:

What You Can Keep:

  • Filing Status: You can still file as Married Filing Jointly (MFJ) with your wife.
  • Standard Deduction: For 2024, the standard deduction for MFJ is $29,200. 
    •  If you can be claimed as a dependent by another taxpayer, your standard deduction for 2024 is limited to the greater of: (1) $1,300, or (2) your earned income plus $450 (but the total can't be more than the basic standard deduction for your filing status).

What You Will Lose:

  • Personal Exemptions: Personal exemptions are currently set at $0 until 2025.
  • Certain Tax Credits: You may lose eligibility for credits like the Earned Income Tax Credit (EITC) and the Child Tax Credit, which can be worth up to $2,000 per qualifying child.
  • If your son claims you as a dependent, your standard deduction could be limited to as low as $1,300, significantly lower than the $29,200 standard deduction for MFJ

 

For more details, refer to the IRS guidelines on dependents.