Deductions & credits

NO parents are not required to claim a dependent.  However, the rule is if you CAN be claimed as a dependent you are supposed to say on your own return that you can be claimed--regardless of whether the person who can claim you will do so.   If you can be claimed as a dependent you are not eligible for education credits, stimulus checks, etc.  A dependent cannot claim a dependent of his/her own.   Dependents may have a lower standard deduction:

 

The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).

 

If you can be claimed as a dependent and you received "unearned" income such as investment income or unemployment income, you may be subject to the "kiddie tax."  

https://ttlc.intuit.com/questions/1900671-what-is-the-kiddie-tax

 

 

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**