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Author: Edmasettg Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Son starts new job Date: 8/24/2006 3:26 PM
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I'm a newbie and searched old threads to find the answer first, so please bear with me.

My 22-year-old son graduated from college in June, starts his first full time job in September, and will initially attend grad school only part time. (Over the years, he's worked hard at several demanding jobs, but they were volunteer positions that helped his education, not his wallet.)

Up until now, I'd filed as unmarried head of household. But despite carefully reading and rereading "Publication 501" (http://www.irs.gov/publications/p501/ar02.html#d0e3290), I can't figure out if:
(1) I need to change my witholding on the W-4 now or as of Jan 1, 2007;
(2) I can still claim him as a dependent for any or all of 2006;
(3) How or if his filing of his first 1040 for income earned from 9/1 to 12/31 impacts my filing and vice versa.

(And since I had been supporting him most of the year does that mean he shouldn't apply for earned income credit?)

It does seem as if I can claim the exemption for all of 2006, since my son was a full time student for eight months of the year, will be under 24 at the end of the year, and will have been supported entirely by my income for 8-9 months of the year. I'm just wondering if the change that begins in September overrides all of this -- in which case, the worrier in me wonders: Should I have been filing as 'single, no dependent' all year? Yikes, I hope not.

All advice appreciated.
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