This past summer I picked up a job full time, along with already being a full time college student. Keep in mind I am 20. Since, then I have had a gross income around 30k. I still live with my parents and attend school/work full time for each. However, they still claim me as dependent. While filling for taxes it says I owe almost 4000 dollars. I claim 0%. Does this seem right? I have never filled for taxes before so excuse me if I am making a simple mistake. Thanks
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Because your parents claimed you, your standard deduction for 2020 is limited to the greater of: (1) $1,100, or (2) your earned income plus $350. Go back through the Personal Info section, and make sure that you indicated that someone can and someone is claiming you as dependent. Also, check if your parents included your 1098-T information, if they did, you may not have to include that information.
If this does not work, post in this thread!
Depending on the benefit your parents get by claiming you as a deduction it might be wise to move the deduction to your tax return. This could become complicated depending on the portion of your college expenses they pay. Your parents might try saving their return under a different name if they used Turbo Tax and removing you as as a deduction and running the error check. My youngest child is moving toward 40 so there are probably many changes.
While there is no gross income test for dependents, there is a support test. If you provide more than half of your own support, then they can't claim you. The IRS provides a support worksheet to help determine this. They may have to amend and remove you.
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