What does this mean....

[senior8706]

<p>CSS–>
Claimed by parents
as tax exemption in 2005?</p>

[sybbie719]

<p>During the 2005 tax year (jan 1 thru dec 31) can or will your parents claim you as a dependent (exemption) on their 2005 taxes?</p>

[senior8706]

<p>What does that mean?</p>

[emeraldkity4]

<p>go wild
<a href=“http://www.finaid.org/[/url]”>http://www.finaid.org/&lt;/a&gt;&lt;/p&gt;

<p>

For a taxpayer to be able to subtract the exemption amount from his income, the person being claimed must pass five basic tax dependency tests:</p>

<ol>
<li><p>Member of Household or Relationship Test: The person must live in your home all year or, if they live elsewhere, must be a qualified relative. Relatives the IRS will allow you to claim but who do not have to live with you include: your child (by birth or legal adoption), stepchild, grandchild, great grandchild, brother, sister, step- or half-sibling, parent, stepparent, grandparent, aunt, uncle, niece, nephew or immediate in-laws. There are special rules for foster children and cousins, as well as exceptions for dependents who are born or die during the tax year.</p></li>
<li><p>Citizenship or Resident Test: The person must be either a U.S. citizen or resident or a resident of Canada or Mexico for at least some part of the tax year for which the person is claimed. A child of U.S. parents (or even one U.S. parent) is usually considered a citizen, even if the baby was born in another country. And your adopted child doesn’t have to be a citizen; as long as the child lives with you and is a member of your household for the entire year, you can claim him.</p></li>
<li><p>Joint Return Test: You cannot claim as a dependent anyone who files a joint tax return with someone else. The IRS does grant an exception here if the joint return was filed solely to claim a refund of tax withheld.</p></li>
<li><p>Gross Income Test: The person’s gross income must be less than the annual exemption amount, which is $3,100 for the 2004 tax year. This restriction doesn’t apply to children younger than 19 at the end of the tax year or who are full-time students under the age of 24.</p></li>
<li><p>Support Test: The taxpayer must have provided more than half the person’s total support. This includes food, clothing, shelter, education, medical expenses and recreational costs. The IRS makes exceptions in cases where several taxpayers have signed a multiple support agreement (for example, children caring for a parent) and where the dependent is a child is supported by divorced parents.

</p></li>
</ol>

[gatordan]

<p>ask your parents, when they filed taxes did they use you as a deduction?</p>

[thumper1]

<p>This question is NOT hard…will your parents claim you as a dependent on their taxes for 2005? If they answer is yes (and if they supported you and you lived at home, the answer will be YES), the answer to that question on the Profile is YES. If you are a high school student residing at home, your parents claim you as a dependent.</p>