 Help with doing my taxes? |
| i just turned 18 and i was wondering if im still able to send in my tax return from 2007? or is it too late.... |
|
 Why Do We Still Pay Tax On Overtime? |
| My friend in France told me that their president has now stopped the workers getting taxed on overtime. So every extra bit of overtime they do each week they get to keep the lot. Lots of guys i ... |
|
 What happens if you can't pay the IRS their money? |
| I recently found out I owe the IRS $650, but I'm living on welfare & can't afford it. Will they arrest me if I don't pay, or should I declare bankruptcy? I don't own a car or ... |
|
 Why do they tax my overtime? |
i work hard all week, and too try and get ahead i stay extra, but all my extra time in goes to UNCLE SAM!
you already get the steady fourty taxed, and were taxed in everything we do, so i ... |
|
 401k penaly tax? |
| I withdrew 22k from a previous employer 401k during 2007 to refinance my primary home. I had a 3yr ARM balloon and would have headed into foreclosure if I didn't refinance. Since I wasn'... |
|
 My mom wont help me with my taxes? |
I'm 18 years old and i got my w2s in the mail in january. Here it is almost April, and she keeps telling me she's going to do them. but shes not. i just want to do them my self.
... |
|
 Did the irs change the date when w-2 are mailed out?? |
| I was on the irs site and it said that the w-2's were pushed back and that they weren't going to began being mailed out till jan 31st.. Any1 living in Philadelphia Pa and has recieved there ... |
|
 Paper tax return need to send it don't know the address.help!10 pts best answr? |
Need to send my paper tax return and don't know th address where I should send it to.anyone can tell me please.
it's the first time I do this.
thank you
Additional D... |
|
 I electronically filed for my taxes online last year but no returns? |
| I filed for my taxes on tax online or something like that last year but i didn't get any returns i had a change of address i didn't get no money or papers saying i filed wrong is there ... |
|
 Has anyone gotten this stupid stimulus check yet? |
| waiting on our stimulus check wondering if anyone else has gotten it.... |
|
 Is the IRS not a government entity are they a business? Do they file taxes? If they do who checks them? |
Additional Details
In ref to travelin 25: as they generate no income in and of themselves. Then if they generate no income what are penalties and interest?... |
|
 Does the IRS charge a penalty for receiving a refund check that is too large? |
| My Mother told me that if my tax refund was too large, the IRS would charge a penalty. I have never heard of such a thing, and she had no idea what that threshold was. Any ideas?... |
|
|  |
tavalicious_88 | Can my parents claim me? |
Ok so I found out from an accountant that because I made 19,000 this year that my parents would have had to make over 200,000 to claim me because we have four kids (me plus three younger siblings) so six total for the household. So 200,000 divided by 6 is about 33,000 per person and because that divided in half is only 16,500 I still made more then half of 33,000. So I provided for more then half of my expenses. Does this sound correct to any of you?
I asked this question without the information I just provided above so I want to see if this changes the answers.... |
 |
 
Richard M
 |
How much you made does not determine whether you paid half your support. You could have saved the money or spent it on non-essentials.
Your parents can claim you as a dependent if you:
1. Are under 19 or under 24 and a full-time student
2. Do not pay for over half of your own support
3. Lived with them for more than six months of the year |
|
Judy1
|
The accountant gave a very simplified, and incorrect, version of the real issues and rules. And the calculation you show doesn't have much to do with whether or not they can claim you.
The accountant left out one very important question. What did you do with the $19,000? If you spent it on items that are considered your own support, then he or she might be close to right. If you banked some of it, that doesn't count as support you provided for yourself.
Also, since the fair rental value of your home figures into the support calculation, and that does not necessarily have anything to do with your parents' income for the year, you'd have to include that info when calculating what support they provided.
There is a worksheet at various places on irs.gov for figuring support and who paid what. One place to find it is page 32 of Publication 17.
For them to claim you, they'd have to meet the following rules:
you lived with them for over half the year
you are under age 19, or under age 24 and were a full time student for some part of at least five months of the year.
You didn't provide over half of your own support - this seems to be the issue in question. Fill out the worksheet, and if it looks like you did provide over half of your own support, show it to your parents and talk to them about it and get their input to be sure you didn't leave out something. You'll probably need some numbers from them anyway to fill out the worksheet.
And by the way, the answers you've gotten so far, except for Richard, are wrong. |
|
taxreff
|
The accountant you spoke to is incorrect. Of the answers above, Judy gives the best information. Truthfully, though, you simply don't provide enough information to give a definitive answer. Everyone is having to guess at a number of critical factors.
You need to provide the following additional information:
1. your age,
2. how many months you lived with your parent's in 2007,
3. if you were a full-time student for any part of at least 5 months in 2007,
4. What did you spend your $19K on? For example, clothing $X, food $Y, savings $Z, and so on.
As an word of advice, ignore any answers which say to decide among you who will claim you. Who can claim a dedpendent can only be decided among the parties under very limited circumstances, and your case does not fit those requirements.
If you qualify as your parent's dependent, you cannot claim yourself. If you do not qualify as their dependent, they cannot claim you. |
|
Robert in Nuuanu
|
The amount of income your parents make has no bearing on your status as a dependent.
Proving that you provide over half your support is difficult.
See Worksheet 3.1 at
http://www.irs.gov/publications/p17/ch03.html#w15000u2001
If you were under 19 in 2007 your parents can claim you.
If you were under 24 and a full time student your parents can claim you.
In both cases, it does not matter if they claim you or not, you are their dependent unless you can prove that you provide over 1/2 of your own support. |
|
rtfm
|
You certainly earned enough to pay more than half of your own support, but the question is, *did* you? In other words, did you pay rent to your parents, or pay some of their mortgage payments for them? Did you give them money for the electric and cable and heating bills? Did you buy all the groceries you ate? Pay for the water used for your showers and laundry?
Unless you actually paid your parents back that $16,500 they spent on you, you did *not* pay over half of your own support.
There's other requirements for them to claim you as a dependent, though, besides just the income. You also have to be under 19 years old or under 24 if you're a full-time student. If that part doesn't apply, then it doesn't matter what your income might be. Here's the exact regulations:
http://www.irs.gov/publications/p501/ar02.html#d0e2859
I'd check with another professional if you're still in doubt. I'm not an accountant, but ... it seems like the accountant you talked to doesn't exactly have his facts right. |
|
Ken
|
I say they can claim you ONLY if you do NOT claim yourself on your tax filing. But you probably do (did). Two taxpayers cannot both claim the same person as a dependent. |
|
Randys Mom
 |
I agree with the comment quoting pub 17. Depending on your parents return and how much tax you held out and your age. It may be more beneficial for you to keep your deduction for yourself.
If you earn money and file a return and qualify to be a dependant of someone else. You can give up your personal exemption (allowing your parents to claim it on their return) however in this case does it do them any good. They may qualify for the eic (earned income credit) which only up to 2 children figure into that equation and they may qualify for child tax credit (again a 2 child limit).
If you earned that much money you are required to file a return whether you give up your personal exemption or not.
Have your tax professional prepare your taxes and your parents taxes each claiming and not claiming your exemption and see overall what the best senario is for you all overall.
The CPA told you correctly that in order to be a dependent the parent has to provide more than 1/2 your support. In most cases this plays into a taxpayer making $7500 in a year and then claiming they supported 6 kids and try to get a bunch of credits and refunds back. Obviously if this person only earned $7500 someone else provided more than 50% of their support, most likely the system and other tax payers. So in this case they couldn't claim the dependacy and get the credits.
This also plays into children of divorce, who is going to claim what. To be claimed you have to provide more than 50% of the support.
In your case however just because your earned 19k doesn't mean you spend 19k for you basic needs. You could have put money aside for college or your future. So the point the cpa made about your parents needing to make $200k is accurate but disputable.
You can go to websites like hrblock.com and enter your information and see where the refund/owed lay for yourself or again have your tax professional figure both returns both ways and do what is most beneficial to your family overall. |
|
s and d e
 |
all i've ever been told is that if you lived in someone else home, didn't pay rent and didn't supply your own food--they can claim you. |
|
abear1983
|
from what i remember, a parent can claim a child as a dependent until 18 years of age |
|
Polly C
|
They can claim you as long as you are a full time student. My parents did the same with me way back when. I could not every understand why they wanted me to live with them when I went to college! It was a tax deduction! |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 36 minutes(s) ago
| | | |
10 | 53 minutes(s) ago
| | | |
10 | 2 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
10 | 9 hour(s) ago
| | | |
10 | 2 day(s) ago
| | | |
10 | 3 day(s) ago
| | | |
10 | 6 day(s) ago
| | | |
10 | 1 week(s) ago
| | | |
10 | 3 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
