topic Dependents in Deductions & credits

Dependents

lewismomof3 — Thu, 30 Jan 2020 00:37:21 GMT

My son is 20, was a full time student in 2019 and worked full time, making more than $4200. However, I paid all his living expenses, insurance-- he used his money for tuition, gas, and put the rest in savings. Can I claim his as a dependent.

Re: Dependents

VolvoGirl — Thu, 30 Jan 2020 00:39:54 GMT

If he was under 24 and a full time student you can claim him no matter how much he makes.

You don't include their income on your return. It would only go on their return if they are required to file one. To file a separate return for your dependent you need to set up a new account. Online is only good for one return per account. You can use the same email address for 5 accounts.

Https://ttlc.intuit.com/questions/1894512-how-do-i-start-another-return-in-turbotax-online

Be sure on their return they check the box that says they can be claimed on someone else’s return. If their only income is W2 and under 12,200 they do not have to file a return except to get back any withholding taken out.

Filing requirements for a dependent

https://ttlc.intuit.com/community/children-dependents/help/do-i-need-to-file-my-own-taxes-if-i-m-a-dependent/00/26111

Re: Dependents

Hal_Al — Thu, 30 Jan 2020 01:25:10 GMT

"If he was under 24 and a full time student you can claim him no matter how much he makes."

Not exactly. What's missing is where does he reside? Although "I paid all his living expenses" probably means he lives with the parent.

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 considered third party support and not as support provided by the student.
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 he earned. What matters is how much he spent on support. Money he put into savings does not count as support he spent on him self.

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.