Son is a college student still staying at home. How to file taxes?

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AtlantaFamily-2013
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Son is a college student still staying at home. How to file taxes?

Post by AtlantaFamily-2013 » Sun Apr 14, 2019 3:59 pm

Hello all.. My son is a college student who worked the weekends at a part time job last year. He is still staying at home so we claim him on our taxes. Will we be unable to claim him on our taxes once he files his own? Also, a separate question... when he fills out his withholdings for work, is it best to claim 1 or 0 ? Any help would be appreciated?

JoeRetire
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Re: Son is a college student still staying at home. How to file taxes?

Post by JoeRetire » Sun Apr 14, 2019 4:05 pm

https://www.taxslayer.com/blog/can-clai ... dependent/

"If your child is a full-time college student, you can claim them as a dependent until they are 24. If they are working while in school, you must still provide more than half of their financial support to claim them. Be aware that if your child makes more than $12,000 per year, they must file their own return. You can still claim them as a dependent even if they file their own return. "

pshonore
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Re: Son is a college student still staying at home. How to file taxes?

Post by pshonore » Sun Apr 14, 2019 7:36 pm

JoeRetire wrote:
Sun Apr 14, 2019 4:05 pm
https://www.taxslayer.com/blog/can-clai ... dependent/

"If your child is a full-time college student, you can claim them as a dependent until they are 24. If they are working while in school, you must still provide more than half of their financial support to claim them. Be aware that if your child makes more than $12,000 per year, they must file their own return. You can still claim them as a dependent even if they file their own return. "
Note you do do not have to provide any support to claim a child as a dependent; rather the rule is the child cannot provide more than 1/2 of their support. But another person (sibling, grandparent, aunt, etc.) , can provide support as well. Kind of a fine distinction but those are the rules.

MathWizard
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Re: Son is a college student still staying at home. How to file taxes?

Post by MathWizard » Sun Apr 14, 2019 7:42 pm

I assume that this is for federal taxes.

Personal exemptions are gone. In the past a dependent added to the number of personal exemptions. How would a dependent affect taxes now?

jebmke
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Re: Son is a college student still staying at home. How to file taxes?

Post by jebmke » Sun Apr 14, 2019 7:44 pm

MathWizard wrote:
Sun Apr 14, 2019 7:42 pm
I assume that this is for federal taxes.

Personal exemptions are gone. In the past a dependent added to the number of personal exemptions. How would a dependent affect taxes now?
Depending on the age, potentially a child tax credit or "other dependent credit." Also, for lower incomes, EITC might apply.

In this particular case the taxpayer may be eligible for an education credit.
When you discover that you are riding a dead horse, the best strategy is to dismount.

MathWizard
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Re: Son is a college student still staying at home. How to file taxes?

Post by MathWizard » Sun Apr 14, 2019 7:52 pm

Ah, probably AOC. Thanks.

pshonore
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Re: Son is a college student still staying at home. How to file taxes?

Post by pshonore » Sun Apr 14, 2019 7:55 pm

Also comes in handy for HOH or QW filing status .

DIFAR31
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Re: Son is a college student still staying at home. How to file taxes?

Post by DIFAR31 » Sun Apr 14, 2019 10:42 pm

AtlantaFamily-2013 wrote:
Sun Apr 14, 2019 3:59 pm
Will we be unable to claim him on our taxes once he files his own?
Are you asking does the fact that he files his own tax return automatically mean that you can't claim him as your tax dependent? The answer to that question is NO.

Also, a separate question... when he fills out his withholdings for work, is it best to claim 1 or 0 ? Any help would be appreciated?
If you are asking about completing a W-4 form and designating allowances, you haven't given enough information to provide any kind of meaningful answer, other than: use the allowance worksheet that comes with the form.

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desertbandit442
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Re: Son is a college student still staying at home. How to file taxes?

Post by desertbandit442 » Mon Apr 15, 2019 5:02 am

MathWizard wrote:
Sun Apr 14, 2019 7:42 pm
I assume that this is for federal taxes.

Personal exemptions are gone. In the past a dependent added to the number of personal exemptions. How would a dependent affect taxes now?
Would qualify for Other Dependent Credit (ODC) of $500 that is non refundable but reduces tax liability by $500. Once child is over age of 17, no longer eligible for child tax credit, but is eligible for ODC.

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dodecahedron
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Re: Son is a college student still staying at home. How to file taxes?

Post by dodecahedron » Mon Apr 15, 2019 5:10 am

MathWizard wrote:
Sun Apr 14, 2019 7:42 pm

Personal exemptions are gone. In the past a dependent added to the number of personal exemptions. How would a dependent affect taxes now?
In addition to the tax provisions already noted above, if the OP itemizes and claims medical expense deductions, amounts paid for a dependent son´s medical expenses can be included. Alternatively, the dependent´s medical expenses qualify to be reimbursed by the OP´s Health Savings Account (HSA) or Flexible Savings Account (FSA).

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