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Ashley | Do my parents have to claim me on taxes? |
I am 18 and i'm living at home but I have my own car, pay my own car insurance, pay my own cell phone bill, and I go to a community college that I pay for myself. Next year I probably won't get any financial aid if my parents claim me. So do they have to? |
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Jss
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If you live with your parents and they provide more than half of your support, then then your parents can claim you. Read about Qualifying Child http://taxipay.blogspot.com/2008/03/requirements-for-claiming-dependent.html |
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v b
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1. You probably aren't supporting yourself if you are living at home (see IRS pub 501 for the support test).
2. Even if you try to claim you support yourself, FASFA will STILL put down your parent's info on the forms. You have to also be either over 24, have a kid, be in the military, etc.
3. If your parents are allowed to claim you, even if they don't you can't claim yourself. FASFA checks this and makes you amend your return. |
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Worldly25
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Well since they are providing housing, clothing, medical insurance, utilities and other normal living expenses they are entitled to claim you. This is something you need to discuss with your parents.
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EfficiencyFool
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No. But since you still live at home they are providing your support (e.g. roof, food, clothing, etc...) so they should probably continue to claim you even though you cover "some" of your own expenses. |
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OneStepAttaTime
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Just realized you stated you live with your parents. Just because you pay for your own car, car insurance, cell phone bill and schooling does not mean you are supporting yourself... There is rent, renters insurance, food, furniture, etc.
Even if your parents don't claim you on their tax returns, Financial Aid (FAFSA) will still require their information and consider it when figuring out your EFC (Expected Family Contribution aka what they think you can afford to pay towards your education).
You have to wait until you are 22 or 23 (can't remember the age but I think its 23) before FAFSA will give you aid based soley on your income. The only way out of this is to be declared an Independent. For me, my school (state college) had a board that reviewed the material. I had to write a letter stating to them why living with my parents was unhealthy for me, and had to get a letter from a professional to back this up. A professional is either a social worker, psychologist, therapist, etc. |
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Judy1
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They don't have to but most likely can, and if they can but don't, you can't claim yourself.
As far as financial aid, since you are 18 and living at home it's not likely to matter - financial aid officers caught onto the "I'm independent" issue a long time ago, and would most likely still require your parents' tax returns and take their income into account. |
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JOSEPH J
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Using google to find some related info or you could try using answer engines such as yahoo answer or yedda.com to obtain some useful ideas.however,If you want some direct infomation,here http://www.AutoInsuranceFree.info/free-auto-insurance.htm is a nice one from my experience.
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Oh Wise One
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No they do not have to, but they choose to. By claiming you it reduces the taxes in which they owe to the IRS and state. It doesn't harm or affect you in anyway.
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onejazz
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I am a senior in college and declared an independent through financial aid. Can my grandma claim me on her taxes even if I dont file |
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pamflo
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Can my son claim himself on his taxes if he is a college student and is getting financial aid? |
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