I am 23 years old now and will turn 24 this year on DEC. I am a full-time college student with NO income, but I do have $6000 on my checking account and $6000 on my saving account. Can my parents still claim me as a dependents? Do I need to fill my own tax return?
Yes, your parents may claim you as a dependent. See the requirements below.
No, you do not have to file an income tax return if you have no income. Money in the bank does not count as income to file an income tax return.
For tax purposes, you can claim your child as a dependent if they meet the following requirements:
1. The child must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them.
2. The child must be (a) under age 19 at the end of the year and younger than you (or your spouse, if filing jointly), (b) under age 24 at the end of the year, a student, and younger than you (or your spouse, if filing jointly), or (c) any age if permanently and totally disabled.
3. The child must have lived with you for more than half of the year. Note: Absences while away at school do not count as 'not living with you'.
4. The child must not have provided more than half of his or her own support for the year.
5. The child must not be filing a joint return for the year (unless that return is filed only to get a refund of income tax withheld or estimated tax paid).
If your child is a college student, click here to enter Education Expenses (Form 1098-T Tuition): How do I enter Form 1098-T?
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