Sorry to bother again but may I ask if it would still be the parents favor if the student is claimed as dependent if we take into account the look back rule ?
I am not sure if I am understanding the look back rule correctly, please correct me if needed.
I was wondering if the look back rule will allow the parents to use 2019’s income to determine EIC/ EITC (are they different ?) to get a higher EIC since I thought the student’s unemployment benefits of 31,000 might be causing the EIC to only be 900$?
The parents’ 2019 AGI is 41,600 so slightly higher than in 2020.
And if we are considering the look back rule, would that allow the student to claim EIC/ EITC since their 2019’s income was around 1,300 and none in 2020?
How will this look back rule affect whether claiming the student will save more or not?
is the unemployment exclusion of around $10,000 still effective on the student’s unemployment benefits if the student is claimed as dependent?
What happens if the dependent box mark on the student’s return is forgotten to be marked? Would that affect anything?
One being able to claim AOT?
Another being that kiddie tax won’t apply anymore?
@Hal_Al
