If your son claims you as a dependent on his tax return, you and your wife can still file a joint tax return. Here’s what you can keep and what you will lose:
What You Can Keep:
- Filing Status: You can still file as Married Filing Jointly (MFJ) with your wife.
- Standard Deduction: For 2024, the standard deduction for MFJ is $29,200.
- If you can be claimed as a dependent by another taxpayer, your standard deduction for 2024 is limited to the greater of: (1) $1,300, or (2) your earned income plus $450 (but the total can't be more than the basic standard deduction for your filing status).
What You Will Lose:
- Personal Exemptions: Personal exemptions are currently set at $0 until 2025.
- Certain Tax Credits: You may lose eligibility for credits like the Earned Income Tax Credit (EITC) and the Child Tax Credit, which can be worth up to $2,000 per qualifying child.
- If your son claims you as a dependent, your standard deduction could be limited to as low as $1,300, significantly lower than the $29,200 standard deduction for MFJ
For more details, refer to the IRS guidelines on dependents.