How can I claim my 20 year old son as a dependent, when he makes 13K a year at his job?
Good morning. Here are the rules for being able to claim your son as a dependent....
To be claimed as a qualifying child, the person must meet four criteria:
Relationship - the person must be your child, step child, adopted child, foster child, brother or sister, or a descendant of one of these (for example, a grandchild or nephew).
Residence - for more than half the year, the person must have the same residence as you do.
Age - the person must be
Support - the person did not provide more than half of his or her own support during the year.
My son works a part-time job – four days a week. He is a full-time college student in which I am paying for. I am also paying for his medical/dental insurance through my employer. I need to know how to list him as a dependent on my taxes. I also need to know how he will need to file his income taxes. If I claim him as a dependent, then he has to claim zero dependents on this tax forms. This means he has to pay the IRS taxes at a higher rate because he is claiming no dependents. What do I do?
It’s not the exemption I am worried about. It’s my son’s tax consequences if I take the exemption. I guess what I need to know is 1. If I claim him, does he still need to file a return? If so, 2. Will he have to pay taxes on the higher “no exemptions’ status?
Yes, if you take the exemption and he has no deductions, he will need to file a return and will pay taxes. Part of his income will be taxed at 10% and part will be taxed at 15%.
Okay, thank you.