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Old Yesterday, 05:04 PM   #1
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Taxes


Is there a limit to how much money a child can make where we cant claim them as a dependent ? Our daughret is a college student who lives at home with us ( her parents ) so we support her, we have always claimed her as a dependent. She works part time and filed her taxes and said she made too much money we cant claim her anymore. I say why not, we're her sole means of support. Confussed here. Thanks.

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Old Yesterday, 05:24 PM   #2
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Re: Taxes


Generally, the rule is that whoever provided half the support gets the deduction. If she is full time, under age 24, and you file jointly, and provided more than half of her support, you claim her.

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Old Yesterday, 05:39 PM   #3
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Re: Taxes


Yes i thought. But she read something that said if she made over $4500, which she did, then we cant claim her anymore. Is that true ?
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Old Yesterday, 06:00 PM   #4
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Re: Taxes


She filed her taxes already and claimed herself. Unless she is now going to file an amended return, you cannot claim her this year.
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Old Yesterday, 06:03 PM   #5
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Re: Taxes


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Originally Posted by shirbon View Post
Yes i thought. But she read something that said if she made over $4500, which she did, then we cant claim her anymore. Is that true ?

No income limit as far as I know. Someone misinterpreted that for her. Many folks will do the "whoever gets the best deduction" thing, but the laws are clear that the one providing the support is the one that gets to claim the deduction. You may want to check with your tax person, but unless she ammends hers, you will get red flagged for claiming her which will pose problems for both of you.
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Old Yesterday, 06:07 PM   #6
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Re: Taxes


The $4050 rule does not apply to your child, only another relative or parent.

https://turbotax.intuit.com/tax-tool.../INF12139.html
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Old Yesterday, 06:16 PM   #7
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Re: Taxes


I was thinking college students could play by a different set of rules, but it's been awhile since ours were there. Check it out.
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Old Yesterday, 06:38 PM   #8
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Re: Taxes


Yes i under stand unless she amends ( unlikely ) then its a done deal. What is that going to cost us at tax time ?
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Old Yesterday, 06:48 PM   #9
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Re: Taxes


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Originally Posted by shirbon View Post
Yes i under stand unless she amends ( unlikely ) then its a done deal. What is that going to cost us at tax time ?
Depends on your tax rate. Likely somewhere between $600 and $1000 dollars difference on your return based on a tax rate from 15 to 25%

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