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Tax question: I sponsored my fiancee's parents to immigrate

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to US and now they...
Tax question: I sponsored my fiancee's parents to immigrate to US and now they living with us since May. My fiancee (All of us are living in one home) is a full time student with a few thousand dollars of annual income working part time. I am in real estate sales and make about $40,000 per yr. I have no dependents and the home is under my name. Question: Should I have one or both of the parents as my dependent or just let my fiancee to keep all of them to file separately? Also, all of us don't have any health insurance coverage, so the answer has to consider that as well. Thanks.
Submitted: 2 years ago.Category: Tax
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7/30/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
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As you are not married - you woudl not be able to file a joint tax return with your fiancee.To claim someone as a dependent - there are certain requirements outlined in IRS publication 501.See - page 12 -http://www.irs.gov/pub/irs-pdf/p501.pdfTests To Be a Qualifying Relative1.The person cannot be your qualifying child or the qualifying child of any other taxpayer.2.The person either (a) must be related to you in one of the ways listed under Relatives who do not have to live with you, or (b) must live with you all year as a member of your household (and your relationship must not violate local law).3.The person's gross income for the year must be less than $3,950. ($4000 for 2015)4.You must provide more than half of the person's total support for the year.
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Tax Professional: Lev, Tax Advisor replied 2 years ago
Regarding your fiancee - if you are living together the full year - you may claim your fiancee as a dependent - assuming all other requirements are met.Regarding fiancee's parents who are living with you since May may not be claimed as dependents this year - but might be eligible next year.If however you were married - then parents woudl be considered as related to you - and there woudl not "all year as a member of your household" requirement - and you woudl be eligible to claim them as dependent.Not having health insurance coverage will result additional penalty for you and each dependent - unless you qualify for any exemption. For instance being a nonresident alien any part of the year woudl qualify for the exemption.
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Customer reply replied 2 years ago
My fiancee and I are not married. I think I do qualified to claim them as dependents since I provide the home, food and all the basic needs, per IRS rules. But its more advantage to have my fiancee to file separately and claim both of her parents as dependents? keep in mind she only has a few thousands income per year since she is a full time student. I aware of the health care penalty. Again, in my situation, which filing method (separate or claim one or more of the parents) will provide me more chance of getting penalty waiver and better tax advantage?
Customer reply replied 2 years ago
PS. I am planning for the 2015 return only. And my Fiancee is a full time graduate student. she has big student loan and school expenses every yr. We do not planning on marriage in the near future.
Customer reply replied 2 years ago
She is paying her school expense with her own mony via her family support
Customer reply replied 2 years ago
so which one of the following is better for us:File joint with me as head of household, with the parents as dependents
File separate with she keeps her parents as dependents
0r file separate with she keeps one of her parents as dependent and I keep one of the parents as dependent
Filing method which will provide the best chance for insurance penalty waiver
thanks
Tax Professional: Lev, Tax Advisor replied 2 years ago
That is not a joint tax return as you are not married and will not be in 2015.But to use a head of household filing status - you MUST have a qualifying dependent.Based on your information - your fiancee is NOT your qualifying dependent for HOH filing status - so you will be required to file as Single.You still may claim your fiancee as a dependent - and will be eligible to claim educational credit for her educational expenses - but will be liable for penalty as neither have a medical insurance.Most likely - that woudl be more beneficial - but to be precised - the tax return should be prepared both ways and compared.As your fiancee have very low income - there woudl not be any benefits for her to claim parents as dependents and there will not be any benefits from educational expenses .
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Customer reply replied 2 years ago
I main concern is the Earned Income Credit benefit she can get, if she file on her own and it may out weight all the benefit if I claim them all as dependents. Agreed?
Customer reply replied 2 years ago
Looks like I have to go to Turbo Tax to play around with it............
Tax Professional: Lev, Tax Advisor replied 2 years ago
She would be able to claim an earned income credit ONLY for herself - and that amount will not be large.
Only qualifying children may be used for larger earned income credit.
If she choose to claim her parents as dependents - they would be her qualifying relatives - that will not affect earned income credit calculations.
.
Yes agree - you may enter information into any tax preparation software - and verify how changes woudl affect expected refund.
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Lev
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