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Posted by jeremy.kline on March 4, 2007, 9:09 pm
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IRS Publication 501, Page 9.
>2. The child must be (a) under age 19 at the end of the
year, (b) under age 24 at the end fo the year and a
full-time student, or (c) any age if permanently and totally
disabled.
..............................................................................................................................
I was age 24 at the end of the 2006 tax year. I need some
clarification on the wording of part B. Does part B mean
that you must be 23 years old or younger, or does it mean
that you must be 24 years old or younger? This will
significantly affect my tax situation.
Moderator:
"under age 24" means "23 years old or younger".
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Posted by Herb Smith on March 6, 2007, 5:44 am
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> IRS Publication 501, Page 9.
>> 2. The child must be (a) under age 19 at the end of the
> year, (b) under age 24 at the end fo the year and a
> full-time student, or (c) any age if permanently and totally
> disabled.
>
> I was age 24 at the end of the 2006 tax year. =A0I need some
> clarification on the wording of part B. =A0Does part B mean
> that you must be 23 years old or younger, or does it mean
> that you must be 24 years old or younger? =A0This will
> significantly affect my tax situation.
>
> Moderator:
> "under age 24" means "23 years old or younger".
It means what it says, UNDER age 24.
You may still be his dependent if your income is less than
$3300 and he provides more than 50% of your annual support.
Listen to your moderator.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Frederick Lorca on March 6, 2007, 5:44 am
Please log in for more thread options > 2. The child must be (a) under age 19 at the end of the
> year, (b) under age 24 at the end fo the year and a
> full-time student, or (c) any age if permanently and totally
> disabled.
>
> I was age 24 at the end of the 2006 tax year. I need some
> clarification on the wording of part B. Does part B mean
> that you must be 23 years old or younger, or does it mean
> that you must be 24 years old or younger? This will
> significantly affect my tax situation.
Go to page 9 of the 2006 edition of Pub. 501.
http://www.irs.gov/pub/irs-pdf/p501.pdf
Start in the right column under "Exemptions for Dependents"
It states that the term "dependent" means:
1. A qualifying child, or
2. A qualifying relative
On page 10 at the bottom of the middle column 5 tests are
listed, all of which must be met, in order to be a
qualifying child for dependent purposes. Since you turned
age 24 during 2006, the age test is not met and therefore
you are not a qualifying child of another taxpayer for
dependency purposes.
However, going back to where you started on page 9, if
you're not a qualifying child you still could be a dependent
as a qualifying relative. On page 13 in the middle column 4
tests are specified for a qualifying relative. Assume that
tests 1, 2, and 4 are met then turn your attention to test
3, the Gross Income test. The Gross Income test explanation
begins at the top of the middle column on page 14. If your
gross income for all of 2006 was less than $3,300 (the 2006
personal and dependency exemption allowance), and of course
the other 3 tests are met, you qualify as another
taxpayer's, presumably one of both of your parents,
dependent.
If you are neither a qualifying child based on the 5 tests
indicated on page 10 nor a qualifying relative according to
the 4 tests prescribed on page 13, then no one else can
claim you as their dependent and you are free to claim your
own personal exemption.
Hope this helps.
Frederick Lorca
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Shyster1040 on March 6, 2007, 6:03 am
Please log in for more thread options > IRS Publication 501, Page 9.
>
> 2. The child must be (a) under age 19 at the end of the
> year, (b) under age 24 at the end fo the year and a
> full-time student, or (c) any age if permanently and totally
> disabled.
>
> I was age 24 at the end of the 2006 tax year. I need some
> clarification on the wording of part B. Does part B mean
> that you must be 23 years old or younger, or does it mean
> that you must be 24 years old or younger? This will
> significantly affect my tax situation.
>
> Moderator:
> "under age 24" means "23 years old or younger".
Exactly what the Moderator said; or, to paraphrase, your
24th birthday cannot have occurred on or before Dec. 31 of
the tax year in question.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by pleasedontemailme on March 6, 2007, 6:03 am
Please log in for more thread options jeremy.kline@gmail.com wrote:
> IRS Publication 501, Page 9.
> 2. The child must be (a) under age 19 at the end of the
> year, (b) under age 24 at the end fo the year and a
> full-time student, or (c) any age if permanently and totally
> disabled.
>
> I was age 24 at the end of the 2006 tax year. I need some
> clarification on the wording of part B. Does part B mean
> that you must be 23 years old or younger, or does it mean
> that you must be 24 years old or younger? This will
> significantly affect my tax situation.
> Moderator:
> "under age 24" means "23 years old or younger".
Which means very specifically that you can be up to 23 years
11 months and 30 days old on December 31 and be "under age
24".
-Crystal
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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