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When do you stop declaring your college kid as a dependent on taxes?
Posted on 2/20/24 at 9:56 am
Posted on 2/20/24 at 9:56 am
I have a 19 yr kid in college. He works part time and does his own taxes. When do you stop claiming the kid as a dependant?
On his tax return for 2022, he claimed he was still someone's dependent and he about broke even, didn't have to pay a return. He was 17-18 yrs. For 2023, he will be 18-19 yrs.
I claimed him for 2022 taxes. As of now, I break even when I do tax returns. I'm assuming not declaring him will make me pay more? Will it help him to be declared as an independant (for possible needs based scholarships or whatever)?
Does the child tax credit factor into this at all?
On his tax return for 2022, he claimed he was still someone's dependent and he about broke even, didn't have to pay a return. He was 17-18 yrs. For 2023, he will be 18-19 yrs.
I claimed him for 2022 taxes. As of now, I break even when I do tax returns. I'm assuming not declaring him will make me pay more? Will it help him to be declared as an independant (for possible needs based scholarships or whatever)?
Does the child tax credit factor into this at all?
3
Posted on 2/20/24 at 10:16 am to 3BlockUber
When you stop paying for at least 50% of his living expenses
Posted on 2/20/24 at 10:35 am to 3BlockUber
If he is in college, and you continue to pay half or more of his support, you can still claim him. This applies until he turns 24.
For federal taxes, this is worth $500, and allows to claim the Head of Household status if you are single. If you are married, the only benefit is the $500 credit.
However, if you live in a state that has income taxes, there are likely state tax benefits as well.
For federal taxes, this is worth $500, and allows to claim the Head of Household status if you are single. If you are married, the only benefit is the $500 credit.
However, if you live in a state that has income taxes, there are likely state tax benefits as well.
Posted on 2/20/24 at 2:08 pm to 3BlockUber
quote:If he works and you can at least somewhat justify him covering 50% of his expenses, it may be worth letting him claim himself in order to get education credits (unless you benefit from such based on your income).
I have a 19 yr kid in college. He works part time and does his own taxes. When do you stop claiming the kid as a dependant?
On his tax return for 2022, he claimed he was still someone's dependent and he about broke even, didn't have to pay a return. He was 17-18 yrs. For 2023, he will be 18-19 yrs.
I claimed him for 2022 taxes. As of now, I break even when I do tax returns. I'm assuming not declaring him will make me pay more? Will it help him to be declared as an independant (for possible needs based scholarships or whatever)?
Does the child tax credit factor into this at all?
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