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Author: Lukemark One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121149  
Subject: Who is my dependent? Date: 7/23/2001 11:50 PM
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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.
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Author: acm4tax Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 52772 of 121149
Subject: Re: Who is my dependent? Date: 7/24/2001 2:50 AM
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There are 5 tests to claim a dependent:

1)Relationship
2)Gross Income Limit Test - exception full time student for 5 months and under age 24.
3)50% Support test
4)Citizen or resident test
5)Dependent does not file a joint return

Your 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!!

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Author: Lukemark One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 52916 of 121149
Subject: Re: Who is my dependent? Date: 7/30/2001 12:38 AM
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acm4tax:

I'm just now getting back to this board, after being at the beach for awhile. Thank you for your help.

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Author: jcmn One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 55010 of 121149
Subject: Re: Who is my dependent? Date: 11/5/2001 12:39 PM
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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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