Dependent?

[AnnieR]

Client has son who is a full time college student, college expenses on the 1098T are over $9,000, which were paid by the client. Student had income of $4900, everything is ok so far...now...son's birthday is 5-1-83. Am I correct that the father cannot claim the student as a dependent and the amount on the 1099 is lost? Thanks

AnnieR

[jklcpa]

Yes you are correct. Son claims own exemption. Exemption and std ded will result in -0- taxable income for the son. Tax benefit of education expenses is lost.

[fredazcpa]

your are right as to the student dependent, but look at qualifing relative, not sure about the education items would need to look that up, but since the son is not a dependent under the full time student rules, the education items would only work for the son

[jklcpa]

Son can't be a qual relative because his income was $4,900. QRs can only have $3,400 in income

[AnnieR]

This is one of those times when I wish I was wrong! BTW, jkl, I LOVE your papillon.

AnnieR

[jklcpa]

Thanks, she's a long-haired chihuahua.

[AnnieR]

She's so pretty...sorry I called her by the wrong breed. The group I belong to is involved in the rescue going on in AZ. I have 2 neutered Japanese Chin. It's JCCARE, and they don't know how many Chin there are going to be in the rescue...anywhere from 10 to 94.

[jklcpa]

Is that the rescue operation where about 800 dogs were living with an elderly couple in a triple wide trailer? It's a good thing I'm not closer to AZ or I'd be fostering or adopting!

[AnnieR]

Yes, it is that one in Pima County, AZ. JCCARE has gotten quite a few so far. As far as we know, they will be getting all the Chin. I know what you mean, I'd be doing the adopting, fostering thing, too if I was closer. Too bad we can't claim them as dependents.

[lydia33]

Thanks, she's a long-haired chihuahua.

She makes a better picture than my "meme". She will not stay still long enough for a picture. If I had a camera out last night she would have. She had been to the spa and had her nails done and was striking a pose like your little one. She helps me sometimes when I am at home doing taxes and sits in my lap or on the chair beside me.

[Pacun]

She makes a better picture than my "meme". She will not stay still long enough for a picture. If I had a camera out last night she would have. She had been to the spa and had her nails done and was striking a pose like your little one. She helps me sometimes when I am at home doing taxes and sits in my lap or on the chair beside me.

Even with the "better picture", the dependent cannot be claimed because he made too much money and he is not under 24.