My parents will claim me as a dependent. I'm a part time working student and will file as well. Which form should I use to get the biggest refund?
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My parents will claim me as a dependent. I'm a part time working student and will file as well. Which form should I use to get the biggest refund?
If properly prepared, the refund will be the same; it does NOT matter which form you use.
More than likely, Form 1040EZ will be the form to be used, but you have NOT provided enough information for me to determine FOR SURE that Form 1040EZ is best for you.
If someone can claim you dependent, you can not claim your own exemption.
What MukatA says is true, but there are other issues involved.
MOST of the time, it makes sense to NOT claim your own exemption and let your parents claim you, because your $3,650 personal exemption is worth MORE to them than to you because they are likely in a MUCH higher tax bracket.
However, if their income is exceptionally high, your personal exemption is NOT the only issue. Education deductions/credits may also be a tax issue, and if their income exceeds a certain amount, they CANNOT claim these credits/deduction while YOU can, but only if you claim your OWN personal exemption.
If you want a detailed analysis, email me at [email protected] with your income level and your parents' income level and let me do an estimate (no charge).
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