You actually have a more important question. Can you even
claim yourself (claim your own exemption) on your own tax return. There is a rule that says IF
somebody else CAN claim you as a dependent, you are not allowed to claim your
own exemption. If you have sufficient income (usually more than $6350), you can
& should still file taxes; you just doesn’t get your own $4050 exemption
(deduction). In TurboTax, you indicate that somebody else can claim you as a
dependent, at the personal information section.
Even if you had less, you are
allowed to file if you need to get back income tax withholding. You cannot get
back social security or Medicare tax withholding.
A child of a taxpayer
can still be a “Qualifying Child” (QC) dependent, regardless of his/her income, if:
1. He is under age 19,
or under 24 if a full time
student for at least 5 months of the year, or is totally & permanently
disabled
2. He did not provide
more than 1/2 his own support. The SS disability benefits that are paid on your
behalf are considered support provided by you
3. He lived with the parent (including temporary
absences such as away at school) for more than half the year
So, it doesn't matter
how much you earned. What matters is how much he spent on support. Money you
put into savings does not count as support spent on yourself.
The support value of
the home provided by the parent is the fair market rental value of the home
plus utilities & other expenses divided by the number of occupants.
The IRS has a worksheet that can be used to help with the support
calculation. See: http://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf
