No, Allas.
My child was in the Job Corps last year, can I still claim him on my federal income taxes as a dependant?
Yes... for the earned income credit and such. It makes no difference for your income taxes really, as your not paying any.
No. But you must claim any refunds of State & local taxes that you deducted in a prior year.
The income that the 14 year child earns is the child's income and would not be reported as income on the parents income tax return.
When you prepare your income tax return for the year using the information from the 1099-DIV that you have in your hand.
No. In the U.S., individual taxpayers are generally considered "cash basis" -- that is, we claim income the year in which we receive it, and expenses the year in which we pay them. So, property taxes paid during 2007 for any year are deductible only on a 2007 income tax return.
A tax refund is not income as defined by the IRS. However, if the taxes paid were claimed as a deduction in the income tax for that year, there is an adjustment to the AGI. Some states provide for counting this in the following year.
Any income made in a calendar year should be reported as income when doing taxes. This can be determined by an accountant or tax preparer as to how to proceed with reporting and the dollar amount.
if you did at least half of the support for her for 6 months and a day or longer during the year
If he has no taxable expenses in the child then he cant claim on tax.
Yes WHEN all of the rules are met by you and your 17 year old child to qualify you to do this on your income tax return.
There is no exemption from income taxes because of age. Being claimed as a dependent does not make your child exempt from taxes. Regardless of age or dependent status, if your child has sufficient income she must file her own tax return.To claim "exempt" on her W-4 at work, BOTH of the following statements must be true:1) She owed no taxes last year. All taxes that were withheld (if any) were refunded.2) She reasonably expects to owe no taxes this year.