The answers to your questions are as follows and it's important for you to know that there are issue you must be prepared to verify.
To reiterate the information from our Tax Expert @ColeenD3:
- If you are not a full-time student, then you made too much money to be claimed as a dependent.
Also, see the rules for a qualifying child, specifically:
- Do they live with you? Your child must live with you for more than half the year, but several exceptions apply. Temporary absences would not prohibit your parents from claiming you unless there was no intent to move back home. You must make this determination and be prepared to show proof.
- No, you cannot be claimed as a dependent if you are not a qualifying child. You indicated you did not live with your parents the entire year so refer to intent to eliminate 'temporary absence'.
- 14-10-115(5)(a)(I)) explicitly address whether GI Bill benefits count as income. The monthly stipend is treated as income when calculating child support or alimony, but not the tuition assistance or book stipend.
- This means that it is counted as part of the funds available to be used for support, but not included in taxable income. Although this refers more to divorce, it's a clear point it is considered support and for you it is from your own sources and not your parents.
Tax-exempt income.
In figuring a person's total support, include tax-exempt income, savings, and borrowed amounts used to support that person. Tax-exempt income includes certain social security benefits, welfare benefits, nontaxable life insurance proceeds, Armed Forces family allotments, nontaxable pensions, and tax-exempt interest.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
