Can I claim myself on my taxes as a dependent ?
I’m 21 years old . I made 15,000 dollars last year .. I live with my mom .. some people are saying I can’t claim Myself as a dependent and some are saying I can . My mom isn’t claiming me . I even went to school during last year . Turbo tax says I’m only getting back 892 but last year I got back 877 .. I made way more money this year how is it im only getting back 15 dollars more . Total withheld federal income tax was 882.48 . And total state income tax withheld was 313.81 . I just wanna make sure I’m getting all I can get back .
Can I file taxes with my parents as a dependent of my parents if I am earning 1099 as a contractor?
It is not a matter of the form you receive from employers.It is a function of who provides the majority of support. If your parents spend more in supporting you than do you you are dependent on them.But that is not all of it. There needs to be a benefit to claiming you as a dependent. Your tax situation could cost you less than having you on their return.
Can I claim my spouse as a dependent on my US tax return?
Six Important Facts about Dependents and ExemptionsYour spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you’re filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.
As cosigner on my dependent's student loan, can I deduct the interest payments I made?
If you are obligated to repay the debt and satisfy the other requirements, you can claim the Student Loan Interest Deduction.A cosigner is a coborrower, equally obligated to repay the debt as the primary borrower. Accordingly, a cosigner can claim the student loan interest deduction on the interest paid by the cosigner. If the cosigner does not claim the student loan interest deduction on the interest paid by the cosigner, the primary borrower may claim the deduction on those interest payments in addition to the interest paid directly by the borrower.
If someone wrongfully claims me as their dependent on their tax return, will I be penalized?
No. The tests for dependent status are mathematical and factual. A person is always able to claim a dependency deduction for themselves unless someone else meets the tests. If a parent or another person wants to claim the deduction, they must pass the Tests. JIRCS (Joint return (the dependent usually can’t file a joint return); Income test (the dependent can’t earn > $4,100, unless under 25 and a student) ; Relationship test (dependent has to have a legal relationship with the claimer); Citizenship test (Citizen or live in the U.S. immigrant status) and Support Test (discussed below).The only test that is not obvious is the Support Test. The person who claims the deduction must provide MORE THAN 50% of your support. If your Parent or another person has claimed you as a dependent, they may believe that they provided >50% of your support by including, (1) the market value of your room while you’re at school, (2) the value of meals at home, (3) insurance, (4) use of a car, (5) phone plan, and (6) any other benefit provided, even if you don’t “use it” or realize its cost. This has been a shock for many college students whose parents claim them as dependents.If you have scholarship income, and you are truly a dependent, then you will have to file form 8615 and pay tax at your parents’ marginal rate. So before you claim yourself, write down exactly what your living expenses are and get a calendar to show your days at home and days away (at school) in order to prove to the IRS that you are self supporting when they ask the question.
Is there a way to claim Pre school expenses as dependent care credit?
As long as you and your spouse are both either employed, self employed or full time students, yes preschool expenses would qualify for the dependent care credit. You need to get the preschool to give you a statement of how much you paid and their tax id number. Most should already do that for you automatically. It is not a dollar for dollar reduction in your taxes, but you do get to take a percentage of the expense up to the limit.
I am sponsoring an F1 international student, can I claim them as a dependent on 2016 taxes?
No, in general case:Citizen or Resident TestYou generally can’t claim a person as a dependent unless that person is a U.S. citizen, U.S. resident alien, U.S. national, or a resident of Canada or Mexico. However, there is an exception for certain adopted children, as explained next.Exception for adopted child. If you are a U.S. citizen or U.S. national who has legally adopted a child who isn't a U.S. citizen, U.S. resident alien, or U.S. national, this test is met if the child lived with you as a member of your household all year. This exception also applies if the child was lawfully placed with you for legal adoption.Child's place of residence. Children usually are citizens or residents of the country of their parents.If you were a U.S. citizen when your child was born, the child may be a U.S. citizen and meet this test even if the other parent was a nonresident alien and the child was born in a foreign country.Foreign students' place of residence. Foreign students brought to this country under a qualified international education exchange program and placed in American homes for a temporary period generally aren't U.S. residents and don’t meet this test. You can’t claim an exemption for them. However, if you provided a home for a foreign student, you may be able to take a charitable contribution deduction. See Expenses Paid for Student Living With You in chapter 24.U.S. national. A U.S. national is an individual who, although not a U.S. citizen, owes his or her allegiance to the United States. U.S. nationals include American Samoans and Northern Mariana Islanders who chose to become U.S. nationals instead of U.S. citizens.Publication 17 (2016), Your Federal Income Tax
Can my co-signer deduct the interest on my student loan payments from his/her tax payments?
I made these payments, but she is the cosigner. Your sentence above says all I need to know. Generally speaking, you can only take an adjustment or a deduction for taxes/interest paid if 1. you actually paid the taxes/interest and 2. in the year the taxes/interest were actually paid.If you actually paid the interest, you are the one eligible to claim any adjustments or deductions from if. If your filing situation is such that you are not eligible, then that's the end of the conversation.If a co-signer actually paid the interest, that that person is eligible to claim any adjustments or deductions from it. If that person's filing situation is such he/she is not eligible, then that's the end of the conversation. Student loan interest adjustment is limited to $2500, so your actually tax benefit would be capped at $2500 X your marginal tax rate. In the grand scheme of things, this wasn't ideal - but at least you didn't leave thousands of dollars on the table (I have had many, many clients do exactly that because they "just didn't know").Going forward, I strongly reccommend having a conversation with a tax professional about questions you have like this well before tax season. Waiting until you buy and open TurbiTax is months and possibly years too late from a tax planning perspective.
Can a person claim an 80C deduction for a life insurance premium paid for a dependent parent as the parent has no taxable income?
No, for claiming deduction under section 80C being LIC Premium the Policy taken by Individual only can be in the name of taxpayer, spouse or his/her children.No Premium paid of other than above person shall be allowed as deduction.Thank You!You can update yourself by any other finance related query from my blog here.