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Dependent Children. 1. Taxpayer's adjusted gross income is…

Dependent Children.1. Taxpayer's adjusted gross...
Dependent Children.1. Taxpayer's adjusted gross income is over $ 800K so personal exemptions are phased out.
2. Taxpayer's children are between ages 12 - 17.
3. All three children have earned income of more than $ 5,500 - $ 15,500 and investment income of over $ 300.Can I let the children claim their self and get the benefit of the personal exemption?Thanks,
JW
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Answered in 1 hour by:
4/9/2017
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,983
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Even if the parents do not claim their children, the children cannot claim their own exemption if they are under 18 and qualify to be dependent on somebody else's return.

Per the IRS:

You can take one exemption for yourself unless you can be claimed as a dependent by another taxpayer. If another taxpayer is entitled to claim you as a dependent, you can’t take an exemption for yourself even if the other taxpayer doesn't actually claim you as a dependent.

And the same will apply to standard deduction. Children cannot claim the standard deduction if they can be claimed by somebody else. And the kiddie will still apply if they are under 18.

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Customer reply replied 1 year ago
they can't take the standard deduction even through they have earned income?

Yes, they can take the standard deduction but not for the investment income, only earned income plus $350 - standard deduction for dependents.

emc011075
emc011075, Tax adviser
Category: Tax
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Experience: IRS licensed Enrolled Agent and tax instructor
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