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Financial Planning / Tax Strategies


Subject:  Re: Income help needed Date:  3/23/2014  10:28 AM
Author:  irasmilo Number:  120552 of 129719

My son is 19 year old in college. I claim him as my dependent and he is living with me full time. He files his income tax return as a single status. The form asked to enter the parent who has greater income, which is his father. Even thought I am supporting him, he will be using his father's income to determine his income tax?

It depends on your filing status. If you are filing as Married Filing Separate, the dependent exemption goes to the spouse with the higher AGI. If you are filing as Head of Household, you get the exemption and it doesn't matter who has the higher AGI.

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