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lexlum3
New Member

I'm 20 years old, make 20,000 a year, and pay for every single living and school expense except my car insurance. Can I be claimed as a dependent?

I pay for every expense in my life but my parents are still putting down that they can claim me. I am skeptical of this decision; I want to be able to get a tax break from my schooling. Them claiming me, however, doesn't allow me to receive this break. What should I do? I live away from home, own my own car, pay rent, have 2 part time jobs, am a full time student, and pay for my own phone. The only thing I don't pay for is my car insurance and health insurance.
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pktaxwench
New Member

I'm 20 years old, make 20,000 a year, and pay for every single living and school expense except my car insurance. Can I be claimed as a dependent?

Can they? Yes.
Should they? No.
Will you throw them a bone for raising you for 18 years?  Up to you.
Realistically, if you file before they do, then you get to claim your exemption.  If they file before you do, then you will have to fight it out with the IRS to get it.  Generally, the person who files first gets the deduction.
Generally it's better to let them claim you and your education credits; they are probably at a higher tax rate.... and they pay your insurances which you wouldn't be able to cover on 20K income annually. Depending on how much those 2 insurances cost, they may still be paying for over 50% of your support, and rightfully claim you by default.

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1 Reply
pktaxwench
New Member

I'm 20 years old, make 20,000 a year, and pay for every single living and school expense except my car insurance. Can I be claimed as a dependent?

Can they? Yes.
Should they? No.
Will you throw them a bone for raising you for 18 years?  Up to you.
Realistically, if you file before they do, then you get to claim your exemption.  If they file before you do, then you will have to fight it out with the IRS to get it.  Generally, the person who files first gets the deduction.
Generally it's better to let them claim you and your education credits; they are probably at a higher tax rate.... and they pay your insurances which you wouldn't be able to cover on 20K income annually. Depending on how much those 2 insurances cost, they may still be paying for over 50% of your support, and rightfully claim you by default.
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