Independent / Dependent Status

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
civey2
Posts: 14
Joined: Tue Dec 29, 2009 9:35 pm

Independent / Dependent Status

Postby civey2 » Wed Mar 31, 2010 12:29 am

My school sent something stating that under federal law that all law schools are considered independent in terms of tax filing in order to receive federal loans, grants, etc.....

Before I knew this, I filed my taxes as a dependent.

Should I have my dad NO longer claim me as a dependent when he files here in a few days, despite filing as a dependent?

Since this tax return refers to last year, should he still claim me as a dependent and wait until next year to file as independent?


Any help understanding this would be most appreciated.

wreckem
Posts: 94
Joined: Fri Oct 24, 2008 8:32 pm

Re: Independent / Dependent Status

Postby wreckem » Wed Mar 31, 2010 1:22 am

Once you turn 24 or graduate undergrad your parent cannot claim you as a dependent unless they provide over 50% of your living expenses and you live with them for 6 months out of the tax year. If you were in undergrad and were under 24 last year your dad can still claim you for 2009.

For federal aid purposes it will have no bearing for the 2010-2011 academic year as they will only look at your income because under FAFSA guidelines you are independent. Next year you parents can no longer claim you.

civey2
Posts: 14
Joined: Tue Dec 29, 2009 9:35 pm

Re: Independent / Dependent Status

Postby civey2 » Wed Mar 31, 2010 1:40 am

Thanks for the info. That clears everything up for me.




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