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So I'm going to college next year, and my parents are still claiming me as a "dependent" on tax forms. Is this normal/advisable for college kids? I know filing me as a dependent would make my parents pay less taxes, but what other legal effects does it have? Would I retain control of my financial accounts? Do I get to file my own taxes?
Also, are they allowed to *not* file me as a dependent if I'm going to college at age 16?
Oh yeah, and I just discovered they're claiming my 25-year-old grad student sister as a dependent too. She probably earns about $20,000 a year. Is there an age limit past which you're not allowed to do that?