I am not new to Fooldom, but I did just discover this board the other day and very much appreciate the responses I have gotten to my questions. Thanks a lot, everyone! Now I have another question.I have a son living at home. He just graduated from high school this past May, has put off plans for further education at the moment, and has his own job (shift manager at a fastfood restaurant). He will probably gross $12,000 this year, and is putting most of it aside for a car and college/technical school. We are not charging him any rent. He will turn 19 before the end of the year. Will I still be able to claim him as a dependent on mine and my wife's tax return (filed jointly) next year? Thanks in advance for your help.
There are 5 tests to claim a dependent:1)Relationship2)Gross Income Limit Test - exception full time student for 5 months and under age 24.3)50% Support test4)Citizen or resident test5)Dependent does not file a joint returnYour son can be claimed as a tax exemption this year. Sounds like your child attended school full time for part of 5 different months, he's related, you support him, he's a US citizen and he's not married.The year 2002 may be another story unless you can get him to go back to school full time for at least 5 months (month of registration counts as one month). Otherwise you'll have a dependent, but no tax exemption!!
acm4tax: I'm just now getting back to this board, after being at the beach for awhile. Thank you for your help.
Before you deceide, I suggest you also find out if he is considered your dependent for College Financial Aid at the school he plans to attend. Generally, because of his age, I would guess yes, but if he isn't, it would really hurt to have them start to take your income into account when determining his finaid. Most of the time, that would rule him out for just about any finaid. It can be a big deterent against returning to school to have your parent's income count against you. I hope this makes sense.
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