2015 Federal Taxes Question Forum

[oceanmd]

I would appreciate your advice on the following.

I enrolled in Law school in the Fall of 2015. Before going to school, I worked and made over $4,000 in 2015. Under IRS rules, because I made over $4,000 in 2015 my parents cannot claim me as a dependent on their 2015 Federal Taxes.

Is there any way they can claim me as a dependent on their 2015 Federal tax return since they supported me in 2015?

Thank you very much.

[lymenheimer]

Thank you very much.

You should probably ask a professional tax person...But from what I know (as not a professional tax person), your analysis of the IRS rule is incorrect and doesn't make much sense incomplete. Where did you find that rule?

edit: how old are you? Your analysis (as explained here) is incomplete which makes it difficult to respond to.

[oceanmd]

I am 24. I will have to ask my dad about this rule. He is doing his taxes in Turbo tax, and I believe he found out about this rule from Turbo tax.

[lymenheimer]

I am 24.

did you turn 24 in 2015 or 2016? How many months were you in school in 2015 (including UG if K-JD)?

[oceanmd]

I turned 24 in 2015. Is there another rule about being 24?

[oceanmd]

I graduated from college in 2014.

[lymenheimer]

misread the rule. bleh.

[oceanmd]

I lived with my parents from Jan thru beginning of August of 2015, then from August through December I was a full time student.

Thank you very much, lymenheimer.

[lymenheimer]

I lived with my parents from Jan thru beginning of August of 2015, then from August through December I was a full time student.

Thank you very much, lymenheimer.

Yea so the way I read it, you qualify to be claimed. But again, not a professional tax person, so I'd double check before reporting as such. NP

[lymenheimer]

I lived with my parents from Jan thru beginning of August of 2015, then from August through December I was a full time student.

Thank you very much, lymenheimer.

Just checked another source. It's an inclusive criterion. So you can't have turned 24 during the year (unfortunately). I don't know if there is another way, but someone else might have some useful information.

[NUDad]

Because you were 24 yrs old as of 12/31/15, you are not a "qualifying child" in 2015 even though you are a student. However, you could still be a "qualifying relative" if your parents provided more than half your financial support AND if you made less than $4,000 in 2015. If you made $4,000 or more, then no you cannot be claimed as a dependent on your parents' 2015 income tax return.

[NUDad]

Re-reading your question, and I should add one more thing:

Your parents cannot deduct the tuition they paid on your behalf unless you qualify as a dependent. The tuition they paid for you is considered a gift to you and is not deductible on their tax return.

[NUDad]

As you can see, I am a "NUDad" in a similar predicament.

[oceanmd]

Guys, thank you very much.

[oceanmd]

Hello NUDad and everybody who can help with my question.

So, now, we established my parents cannot claim me as a dependent or a qualifying relative and cannot take any educational expense deductions. Can I claim any educational expense deductions on my taxes?

Thank you for all your help.

[NUDad]

Hello NUDad and everybody who can help with my question.

Can I claim any educational expense deductions on my taxes?

Absolutely.

[oceanmd]

Thank you, NYDad.