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I am 21 years old college student. Last year I made $10,590. Do I have to file myself as a dependent because I am less than 24 year old? I am asking this because my dad grossed $20,000 and had to pay close to zero taxes so tax credit for him will be minimal at most. In 2008, I supported myself and received no support from my dad.
My concern is that if I do not file myself as an dependent, I receive FULL federal and state refund ($984). However; if I file as a dependent, I receive only partial refund($300).
In 2008 tax, my dad is going to file me under dependent in order for me to receive pell grant and other loans. My school will not let me apply for any loans without my parent's tax return. As a result, I may not be able to receive any pell grant and loan opportunity if my dad does not claim me. (I still don't know why I have to be dependent even though I support myself...)
In summary, can I not file dependent in my tax while my dad files dependent? Or is there any better solution to this? I always thought that college student is exempted from federal taxes but here am I shocked to find out that I
may not be exempted after all... Would I have to forfeit my $700? I know this may not be a lot ot some people but this is my two months expense!