Do I have to file Schedule A if I take standard deduction?

Do I have to file Schedule A if I take standard deduction?

The Internal Revenue Service offers every taxpayer the option to itemize their deductions or to claim the standard deduction. However, if you have significant deductible expenses during the year, the total of which is greater than your standard deduction, you can itemize by reporting the expenses on Schedule A.

Should I claim my adult child as a dependent?

Although your adult child may not have to live in your home, she will be restricted in how she files her taxes, provided she makes enough to file. If neither the adult child nor her spouse is required to file a tax return except to get a refund, they can file jointly and still have you claim her as a dependent.

How do I stop being claimed as a dependent?

You do not “remove” anything parent related if you no longer qualify as their dependent you simply file your own return and indicate NO ONE will claim you even if they did. Then tell your folks why you are not their dependent and tell them you will be claiming yourself.

How do I know if Im claimed as a dependent?

The only way to find out is to file your tax return and see if it gets accepted or rejected. If it’s accepted, then no one has claimed you and if it’s rejected someone has.

What happens if I accidentally claimed a dependent by mistake?

You will have to file an amended return to remove the dependent that should not have been claimed. Lastly, removing a dependent will cause you to lose credits such as Earned Income Credit, Child Tax credit, and others. So be prepared to pay back some of the refund you received.

Can I claim my 18 year old as a dependent if she works?

Your 18 year old cannot claim himself. The IRS rule is if he CAN be claimed on another person’s return he cannot claim his own exemption. If your dependent has a W-2 for his after-school job, etc. You can still claim your child as a dependent on your own return.

Can my parents claim me as a dependent if I work?

For dependent children, there is no income limit like there is for dependent relatives. However, if you worked and gave money to your parents to help cover bills, the amount you paid toward your living expenses cannot be more than your parents provided.