If my mom claims me as a dependent! Can i claim myself as independent?
hello, everybody i want to know or make sure if i my mom can claim me as a dependent while i claim my self as independent. i'll provide some information so you can help me better. i only just turned 20 on Nov 25-2007, i am a student, i have a division time job, and i only just earned smaller quantity than 11,000 last year, and my mom almost wages everything in the house. and because she pays almos everything or let say everything contained by the house,she wants to claim me as a dependent, but i want to claim my self as independet, it's that possible to that? i want to know it up to that time do that.Answers: Your mother has 5 test to meet to claim you as a dependent. You are her son. So she have 5 tests the IRS administer to see if you are your mother's qualifying child:
1-age: you are no longer below 19, but, are you a full-time student?
2-relationship: that test is met. You are your mother's child.
3-length of residence: To unite this test, your child must hold lived with you for more than partially of the year. There are exceptions for temporary absence, children who were born or died during the year, kidnap children, and children of divorced or separated parents.
4- support: To meet this experiment, the child cannot have provided more than partly of his or her own support for the year.
5- special test to see if you are the qualify child of more than one person.
From your information, it appears to turn on whether you are a full-time student and whether your mother provided more than partially of your support. The IRS usually accepts what the college declares. Here's the worksheet that the IRS desires you to use to determine if one pays over half of the support:
Funds Belonging to the Person You Supported
1. Enter the total funds belonging to the human being you supported, including income received (taxable and nontaxable) and amounts borrowed during the year, plus the amount in reserves and other accounts at the beginning of the year 1.
2. Enter the amount on vein 1 that was used for the person's support 2.
3. Enter the amount on strip 1 that was used for other purposes 3.
4. Enter the total amount surrounded by the person's savings and other accounts at the wrap up of the year 4.
5. Add lines 2 through 4. (This amount should equal line 1.) 5.
Expenses for Entire Household (where the human being you supported lived)
6. Lodging (complete line 6a or 6b):
6a. Enter the total rent compensated 6a.
6b. Enter the fair rental utility of the home. If the person you supported owned the home,
also include this amount surrounded by line 21. 6b.
7. Enter the total food expenses 7.
8. Enter the total amount of utilities (heat, lantern, water, etc. not included contained by line 6a or 6b) 8.
9. Enter the total amount of repairs (not included within line 6a or 6b) 9.
10. Enter the total of other expenses. Do not include expenses of maintain the home, such as mortgage interest, real estate taxes, and insurance. 10.
11. Add lines 6a through 10. These are the total household expenses 11.
12. Enter total number of individuals who lived in the household 12.
Expenses for the Person You Supported
13. Divide file 11 by line 12. This is the person's share of the household expenses 13.
14. Enter the person's total clothing expenses 14.
15. Enter the person's total coaching expenses 15.
16. Enter the person's total medical and dental expenses not paid for or reimbursed by insurance 16.
17. Enter the person's total travel and rest expenses 17.
18. Enter the total of the person's other expenses 18.
19. Add lines 13 through 18. This is the total cost of the person's support for the year 19.
Did the Person Provide More Than Half of His or Her Own Support?
20. Multiply line 19 by 50% (.50) 20.
21. Enter the amount from smudge 2, plus the amount from line 6b if the individual you supported owned
the home. This is the amount the person provided for his or her own support 21.
22. Is chain 21 more than line 20?
No. You draw together the support test for this creature to be your qualifying child. If this personage also meets the other test to be a qualifying child, stop here; do not complete lines 23-26. Otherwise, be in motion to line 23 and riddle out the rest of the worksheet to determine if this person is your qualify relative.
Yes. You do not meet the support examination for this person to be any your qualifying child or your qualify relative. Stop here.
Did You Provide More Than Half?
23. Enter the amount others provided for the person's support. Include amounts provided by state, local, and other welfare societies or agencies. Do not include any amounts included on line 1. 23.
24. Add lines 21 and 23 24.
25. Subtract strip 24 from line 19. This is the amount you provided for the person's support 25.
26. Is stripe 25 more than line 20?
Yes. You unite the support test for this soul to be your qualifying relative.
No. You do not collect the support test for this human being to be your qualifying relative. You cannot claim an exemption for this entity unless you can do so under a multiple support agreement, the support interview for children of divorced or separated parents, or the special rule for kidnapped children. See Multiple Support Agreement, Support Test for Children of Divorced or Separated Parents, or Kidnapped child below Qualifying Relative.
If your mom claims you as a dependent, you cannot claim yourself as a dependent.
If you did this, you both could be audited and one of you would end up owing the IRS profusely of backed taxes.
Trust me, if your mom is paying almost everything, the levy benefits for her of claiming you as a dependent far out weigh any small amount you would gain from claiming yourself. I would let your mother claim you.
You still qualify as your moms dependent. The unpromising thing is that even if she doesn't cart an exemption for you then not a soul can because you're not allowed your own exemption as long as you qualify as a dependent. So I suggest she claim you and return with the exemption.
What is the rate of employees tds if he get salary rs 12000 per minth?
Answers: Your question clearly says the assessee is a male because you have said (if he gets salary rs.12000 per month)
Let us calculate
Annual salary 12000 x 12 = 1,44,000/-
He can claim
Conveyance upto Rs.9600/- p.a.
HRA Exemption if he pays rent
Professional tax paid can be claimed as deduction
12% PF on his Basic will be deducted which is eligible for 80C dedcution
Assuming he doesn't have anything his annual tax would be (144000 - 110000) x 10.3% = 3,502/-
Hence he will get a Tax deduction of Rs. 292/- pm (3502/12) from his salary
For the Current yr Upto 1,10,000 No Tax
For the Current fiscal 1,10,000-1,50,000 - 10%
For U if U R men the Tax rate is 10%
If U R a women the Tax rate is NIL.
For Women upto Rs.1,45,000 No tax
Please download tax calculator from the site below http://www.ynithya.com/taxcalc/
This is a v. good one.
Basic tax rates
If the assessee is male:
If the income after considering the deduction and exemptio is
(Taxable income)
Upto 110000 - Nil
from 110001 to 150000 - 10%
From 150001 to 250000 - 20%
above 250000 - 30%
Cess : 3% on tax calculated as above.
for female upto - 1450000 - Nil.
In your question you didnt mentioned that the assessee is male or female.
In case of female : There is no tax liability
In case of a Male : He is liable to pay tax amounted to Rs.3502. (Upto 110000 - Nil, Next 34000 : 3400. And cess on 3400 (a) 3%: Rs. 102)
Question roughly speaking the upcoming export tax rebate?
I am a college student who works a part time, practically minimum wage mission. I made about $7,000-8,000 second year. I am marked as a dependent. I'm purely wondering how much I can expect to get support...I heard it's $300-600 for single taxpayers minus children, but I'm not sure if it goes down singular if you make above a trustworthy amount, or if you make below a constant amount as well.Anyone who can abet me out, I would appreciate it...thanks.
Answers: devout question
okay heres the entry. basically, the organization plans to give the empire money so they can spend it to keep the cutback from a recession. HOWEVER, what they didnt tell you is that it is really an ADVANCE on subsequent years tax returns. so if you receive $300 subsequent year (tax returns) but get $500 this year, you will hold to pay hindmost the difference of $200.
you see, the government like to patch things over for now, and settle for them later. which is why we are within this situation in the first place!
i know i didnt answer your ask, but im sure i told you something you didnt know yet.
Since nil has be passed yet, it's unattainable to answer your question. Once the House and Senate own agreed on the rules and passed the same legislation, and it go to the President and he signs it, then and one and only then will you know how to find out what if anything you will get.