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Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1257
Experience:  I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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child depedent eic for 2005

Customer Question

My child will turn 19 in november of 2005. Will I still beable to claim her as a dependent? She lives at home does not go school and has a full time and part time job. I didn't know whether I'd still beable to get EIC for her seeing that she will be with me for 11 months this year before she turns 19. Also, if I'm not able to, should I change my exemptions from 2 to 0. Thank you.
Submitted: 11 years ago.
Category: Tax
Expert:  jon replied 11 years ago.
 

Exemptions-  It would depend primarily on your income. If you don't qualify for EIC your goal is to not get a refund. Many uneducated people brag about their refund. The truth is it's just the government returning an interest free loan (have you ever been given an interest free loan by an institution) to you. You could have the money deposited into an interest bearing account and be ahead of the game. Or spend as you, time value of money (money is worth more today than it is tomorrow). Unless you are dazzled by what the government is doing with the money while it's in their hands... keep it.


In all do fairness the government is excellent at repaying these loans (but you do have to ask for it in writing and can get in trouble if you don't ask correctly).


I leave the EIC question for one of the other guys. They answer a lot of tough ones and deserve an easy one. By the way listen to them, they are very good.


Did you get out for irishfest?

Customer: replied 11 years ago.
Reply to jon's Post: My income is around $23000. Thank you Jon but I'm still not sure what to do. Missed the irish fest this year.
Expert:  jon replied 11 years ago.

Do you pay to have your taxes done? I'm curious cause we spend a bit of time doing tax returns at the irs. Your income qualifies you to have your taxes done free of charge. Not sure if you realized  (irs) does taxes for free to those who deserve it most.


My greatest concern for those in lower income brackets is being taken advantage of by predators. These predators may be an eveil doer that slips into a national chain or could be a member of a mom&pop shop. One of the wallet hijacking tricks they pull is to charge you for forums that you don't need to file and they know you won't need to file (they do this because of a love for money in my opinion).


Another problem facing those who get a refund (the people who deserve it most) is poor decision making. Look what happened with this low income grandma http://www.cbsnews.com/stories/2004/03/19/eveningnews/consumer/main607518.shtml I'm not sure who was lying or attempting to mislead (some grandma's lie). If I was the reporter I would of asked the leader of the company if they ever discourage people from entering a contract that charges outrageous interest rates (cause they were number one in the nation at administering these contracts). And I would ask the grandma is she was being paid to slander an orgination that has many honest workers and thousands of satisfied customers. If only I was the reporter. 


IRS free sites are nice. Another good choice is a place like turbotax.com Free cause you once again qualify at your income level. Never make the mistake of thinking this is a generous offer by turbotax. It's cause they need to make more money to please their stockholders http://www.newsletters.newsweek.msnbc.com/id/7046451/


 


I would answer for free but am not allowed to. This is a pay site after all. After one of the experts answers and you accept their answer, please leave the question open. This allows the answer to be reviewed by other experts and will be scrutinized if inaccurate. Try to get that kind of service anywhere else.

   
Expert:  Sandi Hargrove, SkyHawks replied 11 years ago.

 Your child's age on 12/31/04 will determine if she qualifies for EIC for you.  Since your post indicates that she was 19 and not a full time student, she will not qualify unless she is permanently and totally disabled(by IRS standards only).


Since she is working, she may qualify for EIC for HERSELF instead of for you when she reaches 25.


Changing your exemptions to a maximum of 1 would likely be in your best interest if you do not wish to have a balance due.  Changing your exemption to -0- will likely have a small refund.  As Jon pointed out, this is an interest free loan to IRS until you receive that refund of your own money back with your tax return.  The choice is yours to make!


I work for H&R Block where we ALWAYS answer your tax questions free if you call or visit our offices.

Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1257
Experience: I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
Sandi Hargrove, SkyHawks and 2 other Tax Specialists are ready to help you
Expert:  jon replied 11 years ago.

 That's a fantastic service your organization provides Skyhawks.


I  may have some questions. But not sure if your organization would prefer I call them or should I just pay for questions at this site. Do all branches of your organization offer fee answers? It's remarkable that in this busy tax season you already have information on filing next years tax returns. How far into the future can you provide  information? I would be interested in viewing  1040's and instructions (paper or electric) if you can provide future years. How many years into the future can you go?

       
Customer: replied 11 years ago.
ok just so I have this straight (as you can tell, I'm no tax expert) Even though my daughter will be 18 for 11 months this year, I will not beable to claim any eic for that 11 months, and I should change my exemptions immediatly so I won't have to pay in to the irs.
Expert:  Tammy F. replied 11 years ago.

 Her age on Dec 31st will determine whether or not you can claim her and get the EIC.  That is correct.


And, YES, you need to change your exemptions through your payroll department so you won't end up owing.


Let us know if you still have questions.

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