Dependent and small business

Vangsta · ‎March 15, 2020

Hello,
If my income for a business is 20k with 19k expenses but I only have 1k profit margin will I still be qualified to be a dependent on someone else's tax filing.

HelenC12 · ‎March 16, 2020

It depends.

No, if you didn't live with the person for the entire year and if your gross income was more than $4,200 in 2019 and if they haven't provided more than half of your financial support.

Yes, if the person who wants to claim you is related to you and you're under the age of 19 (or 24 for full-time students) and you didn't provide 1/2 of your own support for the year.

To read all the requirements to be claimed as a dependent, click here.

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View solution in original post

HelenC12 · ‎March 16, 2020

It depends.

No, if you didn't live with the person for the entire year and if your gross income was more than $4,200 in 2019 and if they haven't provided more than half of your financial support.

Yes, if the person who wants to claim you is related to you and you're under the age of 19 (or 24 for full-time students) and you didn't provide 1/2 of your own support for the year.

To read all the requirements to be claimed as a dependent, click here.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Dependent and small business