If you claim your daughter as a dependent on your income tax return, she cannot claim herself on her income tax return. If an individual is filing his or her own tax return, and the individual can be claimed as a dependent on someone else's return, the individual cannot claim his or her own personal exemption. In this case, your daughter should check the box on her return … [Read more...] about If I claim my daughter as a dependent because she is a full-time college student, can she claim herself as a dependent when she files her return?
How much does an unmarried dependent student have to make before he or she has to file an income tax return?
You must file a return if any of the following apply. Your unearned income was more than $950. Your earned income was more than $5,700. Your gross income was more than the larger of — $950, or Your earned income (up to $5,400) plus $300. … [Read more...] about How much does an unmarried dependent student have to make before he or she has to file an income tax return?
Is there an age limit on claiming my children as dependents?
Age is a factor in the qualifying child test, but a qualifying relative can be any age. As long as the following dependency exemption tests are met, you may claim him or her: Qualifying child ( 13 years) or qualifying relative test Dependent taxpayer test Citizenship or resident test Joint return test … [Read more...] about Is there an age limit on claiming my children as dependents?
What are the tax changes for this year?
Earned income Credit: You may be able to take the EIC if: Three or more children live with you and you earned less than $43,352 ($48,362 if married filing jointly). Two children live with you and you earned less than $40,363 ($45,373 if married filing jointly). One child lived with you and you earned less than $35,535 ($40,545 if married filing jointly). A child did not … [Read more...] about What are the tax changes for this year?
Can I get tax benefit on my children college fees?
Students or parents paying tuition and other fees should keep receipts and be aware of some tax benefits that can help offset college costs. Typically, these benefits apply to you, your spouse, or a dependent you claim as an exemption on your tax return. American Opportunity Credit - This credit has been extended for an additional two years: 2011 and 2012. The credit is … [Read more...] about Can I get tax benefit on my children college fees?