Sentences with phrase «parents as dependents on your tax return»

Not exact matches

Nor can you claim the deduction if someone else, such as a parent, can claim an exemption for you as a dependent on his own tax return.

However, by the IRS rules, only one parent may claim a child as a dependent on a tax return, and divorced couples can't file «married, joint» returns.

However, the student may claim the deduction based on payments made by the parent (assuming that the student is not claimable as a dependent on someone else's federal income tax return).

Then you get to the question that all online tax software asks: can I be claimed as a dependent on my parent's tax return?

Once your parents claim you as a dependent on their tax return, your parents will also claim all scholarships, grants, tuition payments, and your 1098 - T on their tax return.

First, I will assume that you are not living on your own, and are claimed as a «dependent» on someone else's tax return (such as a parent or guardian).

If you can be claimed as a dependent on your parents» or someone else's tax return, you can not claim the higher education deduction.

If the non-custodial parent does not claim the child as a dependent on his or her income tax returns, but the custodial parent does, the custodial parent can claim an education tax credit based on the tuition paid by the non-custodial parent.

If you become financially responsible for your parents, you may be able to claim them, as well as your children, as dependents on your tax returns.

The same person can not be claimed as a dependent on more than one tax return, nor can a child who can be claimed as a dependent on his or her parents» return claim a personal exemption on his or her own return.

Foster parents may claim a deduction of $ 1,000 for each child residing in their home under permanent foster care, as defined in the Code of Virginia, provided that they claim the foster child as a dependent on their federal and Virginia income tax returns.

The nine - digit identifying number shown on the card must be reported on the tax return of the parent who claims the child as a dependent.

One unmarried parent (but only one parent) can claim the child as a dependent on tax returns.