Some people think individuals are more and more dependent on each other. Other people think individuals are more and more independent. Discuss both these views and give your own opinion. Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at...
“College students need to be very careful that they understand whether or not their parents are eligible to claim them as a dependent,” says Tom O’Saben, director of tax content and government relations at the American Assn. of Tax Professionals. Merely not claiming a dependent does not ma...
Before filing your tax return, make sure to ask your parents if they are claiming you as a dependent. If this is the case, you will need to indicate that you will be claimed as a dependent on somebody else's returns when you file your return. You may have to file a state tax retur...
Additionally, you can claimspecific deductions or credits for education. See the American Opportunity Credit, Lifetime Learning Credit, Tuition and Fees Deduction (as it applies to the specific tax year), and the Student Loan Interest Deduction. ...
Nonetheless, there could be advantages to remaining as a dependent for as long as you can while you're in college. "Dependent students may want to have their parents claim them instead of claiming themselves.," said Walt Minnick, Financial Aid Specialist at Orange Coast College. "The tax ben...
average time required to earn an undergraduate degree. That tax payer, whether a student or the parent, can claim the maximum tax credit of $2,500 for each school year. To claim the tax credit on a parent's tax return, that parent must list the student as a dependent on the ...
You cannot apply for Medicaid on your own if your parents still list you as a tax dependent, but your family can if your household income is modest. Financially independent people may qualify for support. FAQs 1.Which health insurance is most suitable for college students?
Travis Rawson is a West Virginia University student, who is claimed as a dependent on his parents tax returns. Despite the fact that he is not experiencing a personal financial strain, he is concerned about his friends and classmates who are struggling during the Coronavirus pandemic. ...
Federal tax information or returns from the previous year (for you and/or your parents). See the section below on this. For a U.S. tax return, this will be an IRS 1040, 1040A or 1040EZ form (include all W-2s as well).
Ask your employer for the company's employee handbook Ask your parents if they still claim you as a dependent Gather copies of any W-2 or 1099 forms issued by employers Figure out if you need to file a tax return (The IRS can help, as well as a tax professional) ...