The 17yo will check on his taxes that someone else can claim him. The parents of the 17yo will claim him on their taxes. Who gets the tax rebate? The 17yo filing as an individual, the parents claiming the child, or both?
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8. February 2010 at 10:49 am
I’m actually not completely sure, but this is what I can remember from my tax class.
The parents have some options when claiming the child. They can take on the burden of some of his/her taxable income, thus making it pointless for the child to do their own taxes.
Or, if the child meets the qualifying relative test, more then 50% of support and lives with the guardian, and a couple of other things…maybe close family…then the income of the child doesn’t matter for them claiming the child, but then the child must still file taxes.
So basically what I am saying is…look at the tax code. irs.gov, for the specifications and get together with the parents to find out exactly how they file their taxes, in regards to the child, and take it fomr there.
Good luck
8. February 2010 at 10:49 am
There is no rebate yet. Therefore it’s NOT possible to answer your question. It’s the same as asking what will be the name of the first child born on Jan 1, 2011. It’s way to early to know the answer to either question.
8. February 2010 at 10:49 am
Parents win and you might owe if the IRS investigate.
8. February 2010 at 10:49 am
If the 17 yo is filing his own taxes his parents can no longer claim him.
8. February 2010 at 10:49 am
The worker files a return to determine what he owes in taxes, and will get any overage as a rebate. He won’t be able to claim himself as an exemption, so his rebate won’t be as large as it might otherwise be. But what he does end up with should be all his.
The parents get the exemption for him, so their taxes go down as a result, which will result in a larger rebate (if they overpaid their taxes) for them, which they keep.
So the answer is that both end up with something.
8. February 2010 at 10:49 am
I would actually not worry about this until the legislation is passed and actually signed, as anything can change.
8. February 2010 at 10:49 am
Not sure on the exact method of US tax rules, but in Canada, the parent that claims the child as a deduction will have to add the child’s income to his/er and then claim the deduction, which may completely negate the deduction. If the child is entitled to a tax refund, then it should come to the child. The parent is bound to get less of a refund because s/he has increased his/er income.
8. February 2010 at 10:49 am
i think just the 17yo will get the refund
8. February 2010 at 10:49 am
If the 17 yr old files his own tax return, he is claiming himself for the exemption. Accordingly his parents cannot also claim him on their tax return. You might want to talk to your parents to see which would be more cost effective. I would have to say, if you are still living with your parents, it would be for the best to allow them to claim you on their taxes, if for no other reason than to keep peace in the family.