aNYone
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My friends pops was a single father who had a clan of kids
Dude paid off his house in a couple of years with the bread he was seeing
V.2015 ITS BALLING SEASON AGAIN.....TAXES!!! Where you doing yours?
Dude paid off his house in a couple of years with the bread he was seeing
Question for the tax experts....can you claim someone as a dependent even if they earned more than you?
For example: Single dad and wants to claim son who is a full time student and you ofcourse support him and lives with you. You earned only 15k this year but your son earned 18k from working part time. The dad can still claim the son right because you still support him and he's a full time student and lives with the dad? (Even though dad made less, he could have money in the bank from previoua year etc).
Any feedback is appreciated!!!
For example: Single dad and wants to claim son who is a full time student and you ofcourse support him and lives with you. You earned only 15k this year but your son earned 18k from working part time. The dad can still claim the son right because you still support him and he's a full time student and lives with the dad? (Even though dad made less, he could have money in the bank from previoua year etc).
Any feedback is appreciated!!!
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i encourage you all to read through the thread. you may find that your situation is addressed in an earlier question.
here is a link to an IRS website that will help answer your question: http://www.irs.gov/uac/Who-Can-I-Claim-as-a-Dependent?
there is no requirement that income be more or less than the dependent... but in the situation you describe, it is a bit strange that the dependent is not providing more than half of his own support even earning 18k; remember, the individual earning 18k will likely have a filing requirement and will have to file their own tax forms. if they truly are a dependent of the person making 15k, then the individual making 18k will be in for a rude awakening when they are filling out their forms and find that they are not able to claim their own exemption due to someone else being able to claim them as a dependent.
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Question to the CPA's in this thread
Can i file married filing jointly even if my wife did not work this year?
Can i file married filing jointly even if my wife did not work this year?
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i am not a CPA. if you need help understanding your filing status, i recommend checking out this page: http://www.irs.gov/uac/What-is-My-Filing-Status?
deciding on joint versus separate generally doesn't depend on whether or not one of the spouses has worked.
in general, married filing jointly is the most beneficial filing status for purposes of reducing total taxes paid.
superb
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Dang you got raped!
superb
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You only can claim 3 kids and nobody ain't paying there house off within 3 years with income tax
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superb
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No you can't claim him since he made more then $3950.ok that is for relative
but basically no he can't be claimed. He made more then your dad so he provided more then half his support plus he have to file taxes and he can't claim himself or anybody. He will be in shock when he find out all the taxes he will owe
General rule is that you cannot claim anyone as dependant when they are required to file a tax return which he have too
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Eh I aint trippin
offset pow clow
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First time doing taxes
Do we get a refund on social & medicare also?
Do we get a refund on social & medicare also?
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social = social security? no, you do not get a refund; in theory you will get a retirement benefit after you have retired from working.
medicare; no, you do not get a refund. you get slightly less expensive healthcare due to so many working individuals contributing money into the system.
both of those items are withheld correctly based on what your employer pays you.
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do you have a source for this? i would love to learn more.
yea do you have a source? I read the IRS website and they make no mention of this of you can only claim a dependent if they make less than $3950.
Hey villansfinest thanks for replying above.Yea the 18k dependent will not be able to claim their own exemptions I understand that as they will file their own taxes of course. ALso im thinking if the son is still full time student, he's not fully supporting himself and I think one of the criteria is that the dependent can't provide more than half of his own support. So if the son made 18k but saved it all (or did not spend more than half of it supporting himself) then he can still be claimed as a dependent right regardless how much the parent made. The parent could have made $0 the whole year but has $$ saved up all along.
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we've messaged before; from some of the things you said and how you describe yourself, i guess i just thought you needed to keep as many of your dollars for yourself as possible.
for everybody; i encourage you to learn as much as you can about your situations. it may be possible for you to file on your own using software online. try it for yourself and see! doing your own taxes can save you money and can help you make more informed financial decisions in the future.
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Ur right but my return ended up being so nice
The fee made me not trip
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i'm really trying to picture how that situation would play out... a "kid" going to school full time, and having a job that earns 18k that pays less than 50% of their own expenses while being "supported" by someone who made less money than them (or none)? that reminds me of some of the threads here on NT about "when to move out/i still live with my parents"...
in theory, the critical part of the situation you describe is the "50% of expenses"... do you suppose the individuals involved in that situation would be able to produce documents showing that the "adult" paid for 50%+ of the expenses of the individuals that earned 18k? rent/mortg, food, clothes, ins, utilities, phone, entertainment, gas/travel?
i usually have difficulty imagining situations that are very different from my own experience; it's something that i'm working on improving for myself.
aNYone
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he didnt have a crazy amount left on it
and i prolly shouldnt of said a couple i meant 5 to 6 years
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Wow i'm sorry to hear you paid that much, should've pm'ed me I wouldn't have charged anywhere close do that unless you had a very complex return that required tons of time and research which from your posts did not indicate anything like that.
Anybody on here thinking about going to one of these places please PM me....
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Yes your status for this years return should be "married" unless you got married in 2015.
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No prob man I'll remember u next time
Have no problem giving it to a fellow nter
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This is not true in every situation refer to the following PDF and p. 11:
http://www.irs.gov/pub/irs-pdf/p501.pdf (PDF)
http://www.irs.gov/publications/p501/ar02.html#en_US_2014_publink1000220868 (IRS website might be easier to navigate)
The IRS has something called the support test, which basically means you need to pay for more than 1/2 the support of the qualifying child or relative you are trying to claim as a dependent. I find it highly unlikely that a person making more than the person trying to claim them is not paying for more than half of their support. I urge everybody with questions to read the PDF and if you still have questions post or PM me your particular situation and I'll make sure you get the correct answer.
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i'm remembering a little better now after that; looks like the qualifying child/qualifying relative distinction matters when it comes to income of the dependent.
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Bolded part of your reply: That rule is only for claiming qualifying relative as a dependent.
Unbolded part of your reply: False
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^ thanks for your input. After reading the IRS website... there's a clear difference between claiming a dependent as a qualifying child or qualifying relative. Obviously, claiming your son/daughter would be for claiming a child. If claiming your own child, he/she can make as much they want and still be able to be claimed by the parent as a dependent as long as they did not provide more than half of their own support (i'm guessing living, expenses, food etc.). The other criteria is under age 19 or 24 if they are a full time student, must live with you for most of the year.
If you want to claim a relative that's not your child, then this is where that dependent can't make more than 3k or whatever the amount was.
So back to the situation when your dependent child making more than the parent but still claiming the child as your dependent:
A scenario (no unethicallife hack ish type but legit) where it can make sense is if the child is full time student, works part-time and made 20k for the year. The parent made only 10k for year. How do you justify the parent being able to claim child? Well, the parent could have savings, a lot of money in the bank etc. just because the parent made 10k for that year doesn't mean that's all the money available. So the parent could still be supporting the child (even though he/she made 20k but the child did not use more than half of it to support themselves, let's say they saved it up and did not use it).
If you want to claim a relative that's not your child, then this is where that dependent can't make more than 3k or whatever the amount was.
So back to the situation when your dependent child making more than the parent but still claiming the child as your dependent:
A scenario (no unethicallife hack ish type but legit) where it can make sense is if the child is full time student, works part-time and made 20k for the year. The parent made only 10k for year. How do you justify the parent being able to claim child? Well, the parent could have savings, a lot of money in the bank etc. just because the parent made 10k for that year doesn't mean that's all the money available. So the parent could still be supporting the child (even though he/she made 20k but the child did not use more than half of it to support themselves, let's say they saved it up and did not use it).