Ask Experts Questions for FREE Help !
Ask
    luielady's Avatar
    luielady Posts: 3, Reputation: 1
    New Member
     
    #1

    Jan 25, 2009, 09:34 AM
    Should we claim our college student on our income taxes
    Is it more beneficial for us to claim our son who is a college student or should he claim himself when he files his taxes?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
     
    #2

    Jan 25, 2009, 03:01 PM
    Quote Originally Posted by luielady View Post
    Is it more beneficial for us to claim our son who is a college student or should he claim himself when he files his taxes?

    You both can't claim the same exemption. If he files, then he claims the exemption from what I read here: "Unless you're a full-time student UNDER the age of 24, there are 5
    Tests that you have to pass to be claimed as a dependent:

    1. Member of household for the entire year or a relationship
    2. Citizen or resident of the U.S. Canada or Mexico
    3. You do not file a joint return test,
    4. Your gross income test had to be under $3,100 (2004 tax year rules)
    5. Your mother must provide more than half of your support

    U.S. Internal Revenue Service (IRS)
    ?Topic 354 ? Dependents?
    http://www.irs.gov/taxtopics/tc354.html

    Note too that if you're filing an income tax return, only one of you
    Can claim you as an exemption.

    Publication 501, Exemptions, Standard Deduction and Filing
    Information?
    luielady's Avatar
    luielady Posts: 3, Reputation: 1
    New Member
     
    #3

    Jan 25, 2009, 04:24 PM
    He's 22 and a full time student. We've always claimed him in the past. When I file his taxes he marks the box saying his claimed as a dependent by someone else.
    I just didn't know which way would be the most beneficial.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
     
    #4

    Jan 25, 2009, 04:35 PM
    Quote Originally Posted by luielady View Post
    He's 22 and a full time student. We've always claimed him in the past. When I file his taxes he marks the box saying his claimed as a dependent by someone else.
    I just didn't know which way would be the most beneficial.


    Let me go find someone who knows 100%.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
     
    #5

    Jan 25, 2009, 05:28 PM

    How much money does the son make a year?
    luielady's Avatar
    luielady Posts: 3, Reputation: 1
    New Member
     
    #6

    Jan 26, 2009, 04:21 AM
    We're still waiting for his W2. I think he made about 6,000. He claimed single and zero so they would take the most out for taxes.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
     
    #7

    Jan 26, 2009, 07:06 AM
    Quote Originally Posted by luielady View Post
    We're still waiting for his W2. I think he made about 6,000. He claimed single and zero so they would take the most out for taxes.


    If you read what I posted - and the ceiling may have changed - your son must meet the following criteria in order for you to claim the exemption:

    Unless you're a full-time student UNDER the age of 24, there are 5 tests that you have to pass to be claimed as a dependent: "... 4. Your gross income test had to be under $3,100 (2004 tax year rules)."

    Is he a full-time student, under 24 - it appears he was over the wage limit.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #8

    Jan 26, 2009, 07:50 AM

    Hope this helps: since your son is a full time student under age 24 you claim him as your dependent IF you paid for more than half his upkeep, regardless of how much money he made. If you can claim him as a dependent, then he can not claim himself on his own return - this is probably best anyway since your tax bracket is most likely higher than his.
    See Pub 501, page 10 and 11 for details:
    http://www.irs.gov/pub/irs-pdf/p501.pdf
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #9

    Jan 26, 2009, 10:55 AM
    I agree with ebaines; more than likely, claiming your son will benefit YOU much more than it will benefit him.

    What you should do is prepare his return BOTH ways, then reimburse him for whatever the difference is on his refund. That way, you get the benefit of his exemption while he gets the same refund had he claimed himself.

    That is what I do with my college-aged son, and that is what I recommend to all of my clients. It makes it a WIN-WIN situation.
    dp1966's Avatar
    dp1966 Posts: 3, Reputation: 1
    New Member
     
    #10

    Mar 14, 2012, 07:21 AM
    If claiming your college student on your taxes, based on a parents W-2 return the student receives less federal funding than they would if they claimed themselves.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
     
    #11

    Mar 14, 2012, 04:10 PM
    Quote Originally Posted by luielady View Post
    We're still waiting for his W2. I think he made about 6,000. He claimed single and zero so they would take the most out for taxes.
    What he's doing is loaning Uncle Sam money, interest free. Does he really want to do that?

    The best way to answer your question is to figure it both ways, and see which is best.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Do I need to claim my state disability income on my taxes? [ 1 Answers ]

I live in California and have been receiving state disability for 8 months. Do I need to report this income on my taxes this year? If so, do I have to pay both state and federal taxes on this money? Thank you:)

Taxes on Investment income while on F1.student visa- OPT [ 1 Answers ]

I have a question and I thought you might be able to help.- I have been in the US since I was 13( in 1995). Now I am 26. I have been on F1 visa since 2003. (on different visas before that) I am currently working on OPT (in F1 status) for 1 year. My question is concerning taxation on income from...

Student loan wage garnishment and income taxes [ 3 Answers ]

I just received a wage garnishment through my employer for my student loan. I wanted to know if my income taxes are going to be taken too. I am a single parent and need the money. I never received a letter stating that my income takes would be taken but is the student loan company obligated to send...

How do I claim a dependent on taxes with no income? [ 2 Answers ]

How Do I Claim My Child On Taxes If I Had No Income All Year Long?

F-1 Student with eBay income, unpaid taxes or voided status? [ 4 Answers ]

Hello everyone, I'm a newbie to this site; hopefully people will help me out on this one. :) All right, firstly I'm a citizen of China PRC and I am on an F-1 visa studying undergraduate courses here in the US. I'm also a permanent resident of Canada. In my spare time, I sometimes use eBay to...


View more questions Search