Tax Rebate for dependent children over 17

Parent Cafe
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<p>I just posted this as part of another thread in the Financial Aid Forum…thought someone might appreciate the information here. I’ve been looking for this information for a couple weeks now…</p>

<p>from</p>

<p>[11Alive.com</a> - Understanding The Upcoming Tax Rebate](<a href=“404 Not Found | 11alive.com”>404 Not Found | 11alive.com)</p>

<p>"…While more than 130 million Americans are expected to receive rebate checks, some people will come up empty-handed, while others will see their rebates reduced. Those individuals include:</p>

<p>College students. Under the law, anyone who was claimed as a dependent on someone else’s 2007 tax return is ineligible for the rebate. That means that college students whose parents claimed them as dependents in 2007 are not eligible, even if they earned at least $3,000 in 2007, says Mel Schwarz, partner with Grant Thornton’s national tax office.</p>

<p>Their parents can’t claim a $300 rebate for them, either; the rebate is limited to dependents under age 17.</p>

<p>“If you’re a freshman in college, and you’re a dependent on Dad’s return, he doesn’t get an extra $300 for you, and you can’t claim yourself,” Schwarz says. “You fell out of the rebate system.”…"</p>

<p>Oh well! DD, a senior in HS, made $4000 or so at her part time job - but we claimed her as a dependent. So nobody gets her $300!</p>

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<p>You should have titled it “No tax rebate for etc etc” </p>

<p>Funnily my daughter who actually has a tax liability tax (ok only $11 but still) will not get the tax rebate but my older son who ended up not paying any tax (don’t claim him and he claimed the hope credit) will get $300. :confused:</p>

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<p>swimcatsmom - Yeah, I meant to put a big “…NOT” at the end of the title…haha.</p>

<p>I guess all I can do is laugh.</p>

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<p>If you still have the edit button you can edit and go to advanced and change the title. Just figured that out today.</p>

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<p>Don’t go spending that check so fast. I heard today that that so called rebate we will get isn’t really one at all, it is NOT a freebie check, it will come out of next years return (kinda like a loan). In other words, Bush will giveth, but our new president will taketh away…what a genius he is, ok I’m getting the crazy glue for my lips!</p>

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<p>didn’t he do that before?</p>

<p>[CNN.com</a> - Some guidance on the tax rebate check - June 7, 2001](<a href=“http://archives.cnn.com/2001/ALLPOLITICS/06/07/tax.primer/index.html]CNN.com”>http://archives.cnn.com/2001/ALLPOLITICS/06/07/tax.primer/index.html)</p>

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<p>I usually calculate our taxes two ways - once with college sons as dependents, and once with them independent. ( I run all the forms, ours AND theirs). Then I see which way it works out best. Up until this year it worked out better if sons were dependents</p>

<p>This year I just went ahead and filed with our two college sons as dependents. I had not heard about the age limit for the rebate. </p>

<p>Oh well.</p>

<p>Shoot.</p>

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<p>I’ve read this from several folks. Do you have your kids on your health insurance plan? Ours is VERY clear…the kids MUST be dependents AND be in school over 12 credits per term. No exceptions. Ditto the car insurance and the homeowners. No dependent status and the kids need to get their own insurance.</p>