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| *Loan,banking and credit>>>child tax |
Our child just graduated from college. is it better for me to claim her or not on my tax returns? |
we are self-employed. Will she get a bigger return if we don't claim her? Depending on how much she made and what she did with it, you might or might not be eligible to claim her. If she graduated in the spring and then got a decent job and moved out on her own, then she might have provided more than half of her own support, in which case if she made over $3300 for the year, you would not be eligible to claim her. If she made over $5150 for the year, then yes, she'd get a bigger refund if you aren't eligible to claim her. But if you are eligible to claim her and just don't, she still would not be legally entitled to her own exemption, you would, so it wouldn't make any difference. If she made less than that, and HER income was not from self-employment, then her refund would not change whether you can claim her or not. You can't claim her now, she's over 18, I presume. If the child is over 18, you could claim until they are 21 and attending school.Once out of college you probably can't claim him/her any more unless they were a child prodigy and still under 18. Talk to your tax preparer. Assuming that she's over 18, now that she's out of school these are the conditions that must be met: 1. Lived with you all year 2. Has less than $3,300 in gross income (NOT $5,150) 3. Received more than half of her support from you. If she does not pass all of those tests, you cannot claim her as a dependent any more. |
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