Can my parents still claim me as a dependent when the one and only entry they compensate for is my condition insurance?
I'm 21 years old live on my own pay my own bills, Im a full time student as capably, but I have loans for that; no contribution from my parents.
Answers:
Yes. Especially if your a full time student.
I do believe that they have overextended the IRS's meaning of dependent. It is true that a parent can claim their child student, but usually beneath the assumption that the parent is paying room and board, tuitions, and such. This would give them reason for the presumption. However, since you are in full control of your own independence, you should newly tell them that you are going to claim yourself next year and receive them prepared now.
It sounds like you don't want them to claim you any more. You can claim your self on your own income due and not check the box that someone else is claiming you. The IRS will send out a letter to your parents asking them to prove that they provide at lowest possible 50% of your expenses. Insurance is a lot, but if you have younger siblings likelihood are that if it is an employer work policy the coverage is for child(ren) so whether they have one child or 20 it would be the same price.
Now if you want to continue a relationship with your parents, I would sit down with them and progress over the pros and cons of which is more beneficial - them to claim you or you to claim yourself.
Good luck
This is a levy question.
If most of your support is provided by YOU, then you are NOT their dependent. Source(s): agent, 21+ years
It is illegal for them to claim you as a dependent unless they provide more than 50% of your support. See IRS Publication 501.
just if they provide 50% or more of your living expenses for the year
Related Questions:
Answers:
Yes. Especially if your a full time student.
I do believe that they have overextended the IRS's meaning of dependent. It is true that a parent can claim their child student, but usually beneath the assumption that the parent is paying room and board, tuitions, and such. This would give them reason for the presumption. However, since you are in full control of your own independence, you should newly tell them that you are going to claim yourself next year and receive them prepared now.
It sounds like you don't want them to claim you any more. You can claim your self on your own income due and not check the box that someone else is claiming you. The IRS will send out a letter to your parents asking them to prove that they provide at lowest possible 50% of your expenses. Insurance is a lot, but if you have younger siblings likelihood are that if it is an employer work policy the coverage is for child(ren) so whether they have one child or 20 it would be the same price.
Now if you want to continue a relationship with your parents, I would sit down with them and progress over the pros and cons of which is more beneficial - them to claim you or you to claim yourself.
Good luck
This is a levy question.
If most of your support is provided by YOU, then you are NOT their dependent. Source(s): agent, 21+ years
It is illegal for them to claim you as a dependent unless they provide more than 50% of your support. See IRS Publication 501.
just if they provide 50% or more of your living expenses for the year
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