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I live in New York.My son is 19 and goes to college on a…

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Hello,I live in New York.My...
Hello,I live in New York.My son is 19 and goes to college on a part time basis.He made under $1k last year and was supported by my parents.He lives with them and they are thinking of claiming him.They are retired and make about $20k and are exempt from paying state taxes.I am thinking about filing their taxes online which I filled out but haven't sent yet.Although they owe nothing as in previous years, why werent they able to receive anything back from claiming my son?..I still haven't filed yet because I would like to know who ideally would be able to get back any money from claiming my son.Would my brother who is single and lives with my parents and makes good money be able to claim him instead? Thank you
Submitted: 2 years ago.Category: Tax
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Answered in 9 minutes by:
2/16/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,447
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi

...

The process for finding out is a child can be taken as a dependent is to run both possible tests (qualifying child & qualifying relative) "against," so to speak, every situation (your parents, you, your brother, the father, etc)

...

For the child tax credit, can be partially refundable, here's the basic test:

...

To qualify for the Child Tax Credit, you must have a child or dependent who meets all of the following requirements:

Age:

The child must have been 16 or younger on December 31.

Citizenship:

The child must be a United States citizen, a United States national, or a resident alien.

Dependent:

The child must be claimed as a dependent on your tax return.

Relationship:

The child must be related to you in one of the following ways: son, daughter, stepson, stepdaughter, brother, sister, stepbrother, stepsister, grandchild, niece, or nephew. This includes any legally adopted child, any child lawfully placed with you in preparation for adoption, and any foster child lawfully placed in your care.

Residency:

The child must have lived with you for more than half of the year (stayed with you for at least 183 nights). Temporary absences for special circumstances are generally acceptable, and special rules may apply if you are divorced or for certain other circumstances. For more details, please see Publication 972, Child Tax Credit.

Support:

The child must NOT have provided more than half of his or her own financial support for the year.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

As you can see, because of the residency test, the grandparents are the best candidate.

...

But for this credit to be refundable (meaning generate a refund when when no tax is owed) there must be at lease 3000 of earned income.

...

It doesn't sound as if your parents have EARNED income.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

If they OWE tax at the end of the year, then the credit WILL offset tax liability but, again, for there to be a refund there has to be earned income.

...

You can read more about that here:https://turbotax.intuit.com/tax-tools/tax-tips/Family/Child-Tax-Credit/INF12004.html

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

And, so sorry, the grandparents are the only candidates where the child lives with them and satisfies the residency requirement.

...

Please let me know if you have any questions at all.

...

I hope you'll rate me, using the stars or the ratings request on your screen, (that's the only way we get credit for the work here) based on thoroughness and accuracy, rather than any good news/bad news content ... But if there's something you don't understand, or if you have other questions about this, please let me know....

.

Lane

.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

...

Let me know…

...

Thanks

Lane

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