Simple tax question:
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Master in Science
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Simple tax question:
My mom is claiming me as her dependent, which I was up to August of 2004. After that, I have been financially independent (got a "real job"). Can I claim independence in my federal tax returns? What are the PROS and CONS of saying no one is claiming me as a dependent?
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From: where the weather suits my clothes
You cannot claim yourself as a dependent if someone else is. End of discussion.
The IRS will catch that in a minute. SS# for each dependent has to be on her tax return.
And I do not believe you can claim a dependent for a partial year (never heard of anyone doing that).
The IRS will catch that in a minute. SS# for each dependent has to be on her tax return.
And I do not believe you can claim a dependent for a partial year (never heard of anyone doing that).
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Master in Science
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Originally Posted by NSXNEXT
You cannot claim yourself as a dependent if someone else is. End of discussion.
The IRS will catch that in a minute. SS# for each dependent has to be on her tax return.
And I do not believe you can claim a dependent for a partial year (never heard of anyone doing that).
The IRS will catch that in a minute. SS# for each dependent has to be on her tax return.
And I do not believe you can claim a dependent for a partial year (never heard of anyone doing that).
For example, if my mom claimed me as dependent, she would save $x. On the other hand, if she didn't claim me as dependent, and I claimed independence, would I save $x (the same amount), or $x-, or $x+? How is the amount computed?
PS: My mom makes more than me.
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From: Portland, OR
Originally Posted by GTKrockeTT
hold everything...25 and you're still your mom's dependant?
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Age is not the factor, economic dependency is. Many adults now claim their elderly parents as dependents-------------
To be a qualifying relative for purposes of IRC §152:
The individual's gross income must be less than the exemption amount ($3,100 for 2004; $3,200 for 2005).
The individual must reside with the taxpayer for over 50% of the taxable year, which is different from the 8-hour day requirement under current law.
The individual receives over 50% of his/her support from the taxpayer.
The individual cannot be a qualifying child of another taxpayer.
To be a qualifying relative for purposes of IRC §152:
The individual's gross income must be less than the exemption amount ($3,100 for 2004; $3,200 for 2005).
The individual must reside with the taxpayer for over 50% of the taxable year, which is different from the 8-hour day requirement under current law.
The individual receives over 50% of his/her support from the taxpayer.
The individual cannot be a qualifying child of another taxpayer.
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Master in Science
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Originally Posted by ric
Age is not the factor, economic dependency is. Many adults now claim their elderly parents as dependents-------------
To be a qualifying relative for purposes of IRC §152:
1. The individual's gross income must be less than the exemption amount ($3,100 for 2004; $3,200 for 2005).
2. The individual must reside with the taxpayer for over 50% of the taxable year, which is different from the 8-hour day requirement under current law.
3. The individual receives over 50% of his/her support from the taxpayer.
4. The individual cannot be a qualifying child of another taxpayer.
To be a qualifying relative for purposes of IRC §152:
1. The individual's gross income must be less than the exemption amount ($3,100 for 2004; $3,200 for 2005).
2. The individual must reside with the taxpayer for over 50% of the taxable year, which is different from the 8-hour day requirement under current law.
3. The individual receives over 50% of his/her support from the taxpayer.
4. The individual cannot be a qualifying child of another taxpayer.
2. Yes, I live with my parents (work in the same city; and am single)
3. No, I pay my own bills (after August '04)
4. No
Do they all have to apply? Sounds like my mom won't be able to claim me as her dependent then. Correct?
you.
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