Should my daughter in college file taxes

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WebMar 9, 2024 · Parents with a child in college and who make less than $80,000 per year can claim the American opportunity tax credit, which is up to $2,500 per student. This credit can be claimed for just the... WebApr 14, 2024 · Should I file my own taxes if I'm a working college student who lives with my parents and they assist me financially? If you are under the age of 24, a full time student …

Who Should Take Education Tax Breaks: Parents or Students?

WebDec 15, 2024 · If you did, and you're under 65, you need to file a tax return if you made $18,800 or more. Can you be considered someone's dependent? Dependents have different income thresholds for filing taxes. Let's say you are a single, dependent student and not blind. Then, you need to file a tax return if: Your earned income exceeds $12,550. WebApr 11, 2024 · Sr Financial & Tax Consultant. Bachelor's Degree. 9,340 satisfied customers. a college student has already filed his tax return as a single. a college student has already filed his tax return as a single individual. He is 21 years and recieved the $1000 education credit. Can he amend his … read more. brothers and sons boot barn

How College Students Can Get a Stimulus Check in 2024 - Business Insider

WebA child who has only earned income must file a return only if the total is more than the standard deduction for the year. For 2024, the standard deduction for a dependent child is total earned income plus $400, up to a maximum of $12,950. So, a child can earn up to $12,950 without paying income tax. Feb 24, 2024 · WebApr 14, 2024 · Should I file my own taxes if I'm a working college student who lives with my parents and they assist me financially? If you are under the age of 24, a full time student and you do Not provide over one-half of your own support then your parent's can claim you as a dependent under the Qualifying Child rules if you meet all the requirements. brothers and sisters william wiki

Can I Claim My College Student as a Dependent? BestColleges

When Does Your Child Have to File a Tax Return? Nolo

WebFeb 15, 2024 · If you claimed yourself, and your parents claimed you, one of you has to make the correction to the tax return. After that return is processed, the other party may file their return next. If you file your tax return before your parents file their tax returns, their return will get rejected for the dependent exemption. WebDec 22, 2024 · If the answer is yes, you should still submit a tax return, but your dependent status will limit which tax credits you are eligible for. The American Opportunity Credit and the Lifetime Learning Credit are two tax credits offered exclusively to … brothers and sisters washington dcWebDec 10, 2024 · The child is required to file a 2024 return. The child does not file a joint return for 2024. There were no estimated tax payments for the child for 2024 (including any … brothers and sons harness boots

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Should my daughter in college file taxes

My daughter us a college student. I make too much money to take ...

WebFeb 24, 2024 · More specifically and typically: "To claim your child as your dependent, they must be under age 19 or a full-time student under age 24," says Josh Zimmelman, owner and founder of Westwood Tax &... WebApr 7, 2024 · Taxes: Education: My daughter turned 18 in may of 2024, but she is still a full-time high school student. ... Can I claim college or education expenses if m... Still have questions? Make a post. Or browse the Forums. ... File your taxes, your way. Get expert help or do it yourself. Get started. Access additional help, including our tax experts.

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WebDec 31, 2008 · The student can still file his own tax return and claim a standard deduction (@ $5400) but cannot claim the personal deduction (the @ $3,000) if his parents have claimed them as a dependent. . WebMay 17, 2024 · Understandably, many parents get in the habit of claiming their children as dependents on their federal tax returns. You generally may do so as long as your child is either under age 19 (nonstudents) or under age 24 (students). But there is a reason to not claim your child as a dependent – and it has everything to do with higher education.

. [quote] So it's possible to pay taxes in both states, or one and not the other, or in neither. WebDec 15, 2024 · If you did, and you're under 65, you need to file a tax return if you made $18,800 or more. Can you be considered someone's dependent? Dependents have …

WebSusan Rice, talk show 20 views, 2 likes, 0 loves, 0 comments, 1 shares, Facebook Watch Videos from Palmetto Family: "Hitting The Iceberg of Racism" -... WebOct 2, 2024 · To qualify as dependents, children must be under age 19 or under age 24 if they are full-time students. Yet just because a working teen is a dependent doesn't mean that his parents automatically...

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WebFeb 9, 2024 · If your income is high enough to lose out on the dependent exemption for a child attending college, your family may benefit from opting not to claim your college student as a dependent. By this point, your child is over the age of 17, so the child tax credit is not available. FAFSA HELP: Why you might be considered an Independent student brothers and wives amazonWebJun 7, 2024 · Can I claim my college age daughter as a dependent if she files taxes? It depends on her age at the end of 2016. If your daughter is under 24 at the end of 2016 … brothers and sons boots any goodWebJan 27, 2024 · For most filers, it is the amount of your AGI, adjusted gross income, from your tax return. If you file Form 1040 or 1040-SR, your MAGI is the AGI on line 11 of that form, modified by adding back any: ... Tax Tip 2024-123 College students should study up on these two tax credits; Page Last Reviewed or Updated: 27-Jan-2024 Share. Facebook ... brothers and sisters who are actorsWebJan 23, 2024 · If you're filing a tax return, you may need to include scholarships and grants as taxable income. Tax benefits for higher education, such as loan interest deductions, credits and tuition programs, may help lower the tax you owe. Filing Tax Benefits for Higher Education International Students Foreign students and scholars brothers and sisters williamWebSep 7, 2024 · If you file your return claiming your daughter as a dependent and don't provide her social security number (SSN) on your return, the IRS will not allow you to claim her as … brothers anthem song download mp3WebApr 12, 2024 · Taxes can be confusing, especially if you're a parent with a kid in college. Learn how to claim your student as a dependent and the benefits of doing so. by Stephen Gaffney Edited by Cameren Boatner Reviewed by R.J. Weiss Updated April 12, 2024 Learn more about our editorial process brothers anthem türkçe dublaj izleWebFeb 28, 2024 · Do College Students Need to File? The answer depends on their incomes and whether they had employers withhold taxes from their paychecks. Students who are single and earned more than the... brothers and their wives