Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

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
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
4/9/2017
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,385
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

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.

Ask Your Own Tax Question
Customer reply replied 10 months 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
Satisfied Customers: 3,385
Experience: IRS licensed Enrolled Agent and tax instructor
Verified
emc011075 and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,385
3,385 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Are funeral expenses deductible on IRS personal return? My
Are funeral expenses deductible on IRS personal return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If my adjusted gross income is less than 10,000.00 dollars
If my adjusted gross income is less than 10,000.00 dollars I'm single over 65 not working anymore do I need to file a tax return?? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
My X is suppose to pay me half of his earned income, which
My X is suppose to pay me half of his earned income, which he has been making weekly. I don't think it is half but... My question is, He made 100,000 last year, paid me 33,000, he had 22,000 taken out… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,058 satisfied customers
Foreign earned income exclusion expert: Can a US civilian
Foreign earned income exclusion expert: Can a US civilian independent contractor of State Department working in a combat zone, claim foreign earned income exclusion for physical presence test if he wa… read more
Carter McBride
Carter McBride
LLM
441 satisfied customers
The standard deduction is 12,700 for married filing jointly
The standard deduction is 12,700 for married filing jointly why does the 1040 form say 4050? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,058 satisfied customers
The loss as K-1 of a partnership effecting the Earned Income
the loss as K-1 of a partnership effecting the Earned Income Credit. in other words more the loss is the lesser is Earned Income Credit we get. Is this something they introduces this year of taxes or … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I NEED MY 2016 ADJUSTED GROSS INCOME. I NEED GROSS INCOME TO
I NEED MY 2016 ADJUSTED GROSS INCOME JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: I NEED GROSS INCOME TO FILE 2017 TAXS JA: Is there anything else … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,058 satisfied customers
What's the income limit for my dependent? what's the limit
what's the income limit for my dependent? what's the limit before I can't claim him? what's the limit for him to file himself?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,316 satisfied customers
I'm retired, about 24,000, adjusted gross income for 2017. I
I'm retired, about 24,000, adjusted gross income for 2017. I am going to sell my owner occupied duplex that I've had for 29 years. I rented half for a few years, but haven't rented it in over 10 years… read more
Carter McBride
Carter McBride
LLM
441 satisfied customers
How does applying the standard deduction, or any itemized
how does applying the standard deduction, or any itemized deductions, impact your federal tax bracket? the top end of the 15% tax bracket is $75,900 for married filing jointly and the standard deducti… read more
Carter McBride
Carter McBride
LLM
441 satisfied customers
I have a small business. I earned income back in November,
I have a small business. I earned income back in November, but didn't get the actual check until Jan. Can I book it under 2017? … read more
abci168
abci168
Principal
27 satisfied customers
Does the new (in effect 01-01-2018) standard deduction for
Does the new (in effect 01-01-2018) standard deduction for couples of $24,000. apply to 2017 tax prep? … read more
emc011075
emc011075
Tax adviser
3,385 satisfied customers
Please let me know what is the standard deduction on the
Hi. Please let me know what is the standard deduction on the 1040 form for 2017 for a single person with no dependents. This is for a friend. This is in California. Thank you.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Under the new tax plan if my federal adjusted gross income
Under the new tax plan if my federal adjusted gross income is $77,230.00 how much are my federal taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,058 satisfied customers
On line 37 my 2015 Form 1040 I had an adjusted gross income
On line 37 my 2015 Form 1040 I had an adjusted gross income of $291,546. on my Amended 1040X for 2015 I have taxable income of $179,542. How do I get proof of this to get an adjusted MAGI to give to M… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,058 satisfied customers
A retired person is receiving ss benefits. They sold an
a retired person is receiving ss benefits. They sold an investment property and now wish to place the proceeds into laddered CD's. this will generate interest income. is there a calculator that can fi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is income from an LLC passed through to personal tax return
Is income from an LLC passed through to personal tax return considered earned income, enabling me to contribute to a traditional IRA?… read more
abci168
abci168
Principal
27 satisfied customers
Since my adjusted gross income is over $100,000, I can't
Since my adjusted gross income is over $100,000, I can't take the rental loss that I have even though I was actively maintaining the property. Since I have a mortgage and property taxes on that rental… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x