If my mom claims me on her taxes (Im 17) can i file my own taxes, and will it affect her claiming me money wise?
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If you can be claimed as a dependent on your parents’ return, you can still file your own return so that you can receive a refund of taxes withheld. (You will not get back anything for Social Security or Medicare withheld.) You will not get the $4000 personal exemption. Be sure that on your own return you say that you can be claimed as a dependent on someone else’s return.
My son is a 20 year old full time student who has worked multiple jobs. When he gets his taxes does he have to click on can be a dependent? On my taxes can I claim him. Is there anything else that need to be done on his taxes that he needs to be aware of? Can he claim rent fee? So of his FASFA is for room and board how do you work that out? Thank You!
MY DEPENDENT HAD A JOB
If your dependent has a W-2 for his after-school job, summer job, etc. you do not include the information on your own return. You can still claim your child as a dependent on your own return. He/she can file his own return for a refund of some of his withheld wages (he won’t get back anything for Social Security or Medicare), but MUST indicate on it that he can be claimed as a dependent on someone else’s return. (Supervise this closely or prepare it for him!)
If your dependent’s earnings were over $400 and were reported on a 1099Misc then he must file a return and pay self-employment tax for Social Security and Medicare. You may want to use this version of TT for that:
https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program
No he cannot claim anything for rent on his federal return. Rent is not a federal deduction, nor is it a qualified education expense.
If he is a full-time student then you can claim him as your dependent no matter how much he earned, but the education credits go on YOUR tax return. A dependent cannot get education credits.
So how do I claim the education credit? Do I put his school 1098-T from his school on my taxes?
Yes---the 1098T goes on the parents' return when the student is a dependent.
@verne79 wrote:
So how do I claim the education credit? Do I put his school 1098-T from his school on my taxes?
If you claim him as a dependent on your tax return, then you enter the Form 1098-T on your tax return. A dependent student cannot claim any education expenses or education credits on their tax return.
How would the dependent claim his portion of the scholarship taxable income on his tax return?
Taxable scholarship income is considered by the IRS to be earned income (See Publication 17, Page 157). Even if you are claimed as a dependent on another person's tax return, you will generally have to file your own tax return if your total income is more than your standard deduction (the greater of $12,200 or your earned income plus $350 for single dependents in 2019).
In most cases, this would make the taxable scholarship not taxable to either the dependent or the parents (assuming the taxable portion is less than $12,200).
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