topic I am preparing for NEXT year and looking at my current taxes. My child borrows 42,000 for Doctorate but over the year I pay her 24,000 to help out. Can I claim her? in Deductions & credits

I am preparing for NEXT year and looking at my current taxes. My child borrows 42,000 for Doctorate but over the year I pay her 24,000 to help out. Can I claim her?

jimieclaire — Mon, 03 Jun 2019 18:58:04 GMT

How old is she and how much income of her own do you expe...

xmasbaby0 — Mon, 03 Jun 2019 18:58:05 GMT

How old is she and how much income of her own do you expect her to have in 2019?

Will be 21, full time grad student and no other income.

jimieclaire — Mon, 03 Jun 2019 18:58:06 GMT

Will be 21, full time grad student and no other income.

If your daughter is a full-time student under age 24 in 2...

xmasbaby0 — Mon, 03 Jun 2019 18:58:08 GMT

If your daughter is a full-time student under age 24 in 2019 then you can claim her as your dependent--you will get the $500 credit for other dependents --- and you can enter the education credits on your own tax return.

WHO CAN I CLAIM AS A DEPENDENT?

You can claim a child, relative, friend, fiance (etc.) as a dependent on your 2018 taxes as long as they meet the following requirements:

Qualifying child

• They are related to you.

• They aren't claimed as a dependent by someone else.

• They are a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.

• They aren’t filing a joint return with their spouse.

• They are under the age of 19 (or 24 for full-time students).

? No age limit for permanently and totally disabled children.

• They live with you for more than half the year (exceptions apply).

Qualifying relative

• They don't have to be related to you (despite the name).

• They aren't claimed as a dependent by someone else.

• They are a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.

• They aren’t filing a joint return with their spouse.

• They lived with you the entire year.

• They made less than $4,150 in 2018

• You provided more than half of their financial support. More info

When you add someone as a dependent, we'll ask a series of questions to make sure you can claim them.

Thank you. I guess my concern was since the loan was her...

jimieclaire — Mon, 03 Jun 2019 18:58:09 GMT

Thank you. I guess my concern was since the loan was her ‘support’ to live for the year whether that trumped the fact that I will pay her more than half of that back over the year thus paying more than 50% of her support.

A loan is not considered to be income since it has to be...

xmasbaby0 — Mon, 03 Jun 2019 18:58:10 GMT

A loan is not considered to be income since it has to be paid back.