Q. So I would have to wait for my parents to file before I can even file?
A. Yes, if you were subject to the kiddie tax. But you are not subject to it.
Q. Since it doesn’t matter if they claim me I would still have to pay kiddie tax because my fasfa was 4500 and my regular income was 1500 correct?
A. No. $4500 + 1500 = $6000 is still less than the $14,600 filing threshold (even if the $1500 was unearned income). You do not pay kiddie tax. You do not need to file, unless tere was federal withholding from that $255 of "regular income".
$6000 is more than $5050 which could change your dependent status. But only if you are over age 23 or not a fulltime student.
There are two types of dependents, "Qualifying Children"(QC) and Other ("Qualifying Relative" in IRS parlance even though they don't have to actually be related). There is no income limit for a QC but there is an age limit, student status, a relationship test and residence test.
A child of a taxpayer can still be a “Qualifying Child” (QC) dependent, regardless of his/her income, if:
- 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
- He did not provide more than 1/2 his own support. Scholarships are excluded from the support calculation
- 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 income you have.
