Parents want to claim me as dependent for tax return Good or bad?

Are you a full time student attending school during any 5 month period of the tax year under the age of 24 and still living with your parents in their home when you are NOT attending school. Exemptions for Dependents http://www.irs.gov/publications/p501/ar0... All the requirements for claiming an exemption for a dependent are summarized in Table 5. Table 5.

Overview of the Rules for Claiming an Exemption for a Dependent You must provide more than half of the person's total support for the year. Support provided by the state (welfare, food stamps, housing, etc.). Benefits provided by the state to a needy person generally are considered support provided by the state.

However, payments based on the needs of the recipient will not be considered as used entirely for that person's support if it is shown that part of the payments were not used for that purpose. Total Support To figure if you provided more than half of a person's support, you must first determine the total support provided for that person. Total support includes amounts spent to provide food, lodging, clothing, education, medical and dental care, recreation, transportation, and similar necessities.

Generally, the amount of an item of support is the amount of the expense incurred in providing that item. For lodging, the amount of support is the fair rental value of the lodging. Expenses that are not directly related to any one member of a household, such as the cost of food for the household, must be divided among the members of the household.

Worksheet 1. Worksheet for Determining Support And you will have to do this worksheet for each one that you think that you might be able to claim for the support test and make sure that you do have the needed necessary written proof in IF and when the IRS might decide that they would want you to VERIFY the information that you entered on your correctly completed income tax return during the tax filing season. And you do have to sign the completed tax return where the below statement is included at bottom of the page of the 1040 tax form for your use at this time in your life.

Under penalties of perjury, I declare that I have examined this return, and to the best of my knowledge and belief, it is true, correct, and accurately lists all amounts and sources of income I received during the tax year. Your signature Date Your occupation Spouse’s signature. Date Your occupation If a joint return, both must sign.

Be sure that you do have very good detailed written records and a copy of the worksheet that you used to determine the amount of support that you and others paid for this purpose available in case the IRS should decide that they would want you to verify some of the information that you entered on your 1040 income tax return and printed a copy for your records and signed the other copy to send to the IRS for processing at that time in your life. Hope that you find the above enclosed information useful. 06/26/2012.

Parents can claim their child on their tax return if they are NOT providing more than half their own support and under age19, or a fulltime student under age 24, & live with them half the year. Whether or not one is claimed as a dependent can change from year to year. Age 21 is irrelevant, it's income, residence, student status that matters.

Basically, when one is self supporting, providing MORE than half their own support, then no one can claim them If one is claimed as a dependent, then when filing one's own tax return, one must indicate that some one else has claimed them, and they don't get their own exemption (subtraction of $3750 from income). Www.irs.gov Dependents Pub 501.

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