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What is the maximum standard deduction this year for a person who is not claimed as a dependent by another person?
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∙ 14y ago
The standard deduction for the Single filing status for a person not claimed as a dependent by another person is $5,450 for 2008 tax returns. This deduction increases to $5,700 for 2009 tax returns. This is in addition to the personal exemption amount of $3,500 for 2008 tax returns [$3,650 for 2009].
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∙ 14y ago
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Should you file a US tax return if you are still claimed as a dependent on your parent's US tax return?
Yes, you must file a tax return, even if someone else claims you as a dependent, if you had earned income or interest. Most taxpayers who are claimed as dependents on someone else's return use form 1040EZ, especially if they claim the standard deduction and do not need to itemize deductions.
Is a claimed dependent an exemption or a deduction?
Both. A taxpayer (the person who can claim the dependent) claims exemptions for themselves and their dependents. Each exemption qualifies them for a deduction. The amount changes each year ($3,700 per exemption for 2011) and a person will multiply the number of exemptions on Form 1040 line 6 by the amount for their total deduction on Form 1040 line 42. The deduction for exemptions reduces their taxable income.
Can you carry 3 month old baby on income taxes?
What could you possibly mean by carry? Your dependents, and a 3 month old may be a dependent, can be claimed as a deduction.
Who should claim the tuition expenses for a 17-year-old who is filing Single and being claimed as a dependent on the parents' tax return?
If your parents are claiming you as a dependent, then they're the only ones who can claim a deduction for tuition expenses. If they don't claim that deduction, then neither you nor anyone else can claim it because of your status as a dependent claimed on someone else's return.There are two options for deducting tuition expenses, and the person claiming the deduction should choose the one that gives the lower tax. One, Form 8917 (Tuition and Fees Deduction) is attached to your tax return (1040 or 1040A). The deduction on line 6 of Form 8917 is then entered on line 19 of the Adjusted Gross Income Section of 1040/1040A. Two, Form 8863 (Education Credits Hope and Lifetime Learning Credits) is attached to your return. The deduction is then entered on line 31 of 1040A or line 49 of 1040.
Can you be claimed as a dependent if you are not related?
Yes - a dependant - is anyone who relies on another person to provide them with food and shelter.
What is an example of deduction in writing?
Just like in math, when you write, you can "deduce." Using the more familiar definition from those old math classes, it means to take away. This is also true in your writing. The idea is to come to a conclusion by removing all other otpions, like a process of elimination. You start with a large general idea and move to the exact detail that you want to prove by deducing. The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. You cannot take the standard deduction if you claim itemized deductions. In some cases, your standard deduction can consist of two parts, the basic standard deduction and additional standard deduction amount, for age, or blindness, or both. In general, the basic standard deduction is adjusted each year for inflation and varies according to your filing status. The basic standard deduction of an individual who can be claimed as a dependent on another person's tax return is the greater of: # An amount specified by law, or # The individual's earned income plus a specified amount (but the total cannot be more than the basic standard deduction for his or her filing status).
Should you file a US tax return if you are still claimed as a dependent on your parent's US tax return?
Yes, you must file a tax return, even if someone else claims you as a dependent, if you had earned income or interest. Most taxpayers who are claimed as dependents on someone else's return use form 1040EZ, especially if they claim the standard deduction and do not need to itemize deductions.
Is a claimed dependent an exemption or a deduction?
Both. A taxpayer (the person who can claim the dependent) claims exemptions for themselves and their dependents. Each exemption qualifies them for a deduction. The amount changes each year ($3,700 per exemption for 2011) and a person will multiply the number of exemptions on Form 1040 line 6 by the amount for their total deduction on Form 1040 line 42. The deduction for exemptions reduces their taxable income.
Can you carry 3 month old baby on income taxes?
What could you possibly mean by carry? Your dependents, and a 3 month old may be a dependent, can be claimed as a deduction.
I received a refund from my state taxes in 2009. Do I need to report this refund on my federal tax for 2010?
You do if you claimed your state income tax as a deduction last year. This is line 10 on form 1040 If you took the standard deduction, you don't.
Can a grandmother carry her unborn grandchild on her income texes?
An unborn child is not eligible to be claimed as a tax deduction. They have to be born first. And they have to have a social security number. As long as they are born before midnight on December 31st of the year, they can be claimed as a dependent for the entire year.
You claimed same dependent as someone else?
Hope the IRS or the other person doesn't find out- because only one person can claim the same dependent in any given year. You can rotate years. If it is discovered that you both claimed the dependent in the same year and the IRS catches it - one of you will have your tax deduction voided and you will owe the IRS more money and maybe penalty fees. Hope you don't get caught!
Who should claim the tuition expenses for a 17-year-old who is filing Single and being claimed as a dependent on the parents' tax return?
If your parents are claiming you as a dependent, then they're the only ones who can claim a deduction for tuition expenses. If they don't claim that deduction, then neither you nor anyone else can claim it because of your status as a dependent claimed on someone else's return.There are two options for deducting tuition expenses, and the person claiming the deduction should choose the one that gives the lower tax. One, Form 8917 (Tuition and Fees Deduction) is attached to your tax return (1040 or 1040A). The deduction on line 6 of Form 8917 is then entered on line 19 of the Adjusted Gross Income Section of 1040/1040A. Two, Form 8863 (Education Credits Hope and Lifetime Learning Credits) is attached to your return. The deduction is then entered on line 31 of 1040A or line 49 of 1040.
How much can a dependent earn before no longer being claimed as a dependent?
Generally if the dependent has gross income of $3,950 or more for 2014, they cannot be claimed as a dependent.
Can you be claimed as a dependent if you are not related?
Yes - a dependant - is anyone who relies on another person to provide them with food and shelter.
Dependent?
A person that is financially supported by another person, usually a parent or guardian. A person must pay for over 50% of another persons living expenses, in order for that person to be claimed as a dependent.
Who claimed you as a dependent?
My Parents did.
