A dependent is a qualifying child or relative who relies on you for financial support. To claim a dependent for tax credits or deductions, the dependent must meet specific criteria. To qualify, you must check if you have children or are expecting children in the year for which you are applying for aid and provide more than 50 of their living expenses. Include yourself, your spouse, and your dependent children, even if they live away at college.
In most cases, undergraduate students under 24, single with no children, will likely be classified as a dependent student for FAFSA. The Child Tax Credit is up to $2,000. The Credit for Other Dependents is worth up to $500. There are two categories of dependents: qualifying child and qualifying relative. The big prize is being able to claim someone as a qualifying child because it allows you to claim someone as a qualifying child.
To fill out the Free Application for Federal Student Aid (FAFSA) form, you must follow five steps: you and each of your children in college, career school, or trade school. If the student has children who will be supported by them during the FAFSA year, mark “yes” for the “Dependent Children” question. FAFSA does not require that the parents’ children live with them to be dependents, and government assistance is considered part of a child’s support.
If you have dependents other than your children or spouse who live with you and receive more than half of their support from you, now and through June, you must meet the relationship test.
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Hey, can I claim myself as independent. I’m 23 years old and a full time student. From Jan 2016-June2016 I did a co-op in another state. I paid for the apartment, utility, and foods out of my own pocket while I was away. Then I went to visit another country for 2 months. I didn’t come back to live with my mom till September of 2016. When I am home, I have to pay for my own clothes, and foods spent at school, and took out federal loans under my name to attend college. I’ve made $30,000 during that 6 months while my mom made about $15,000-$20,000 a year. So, can I claim myself as independent? IF I could claim myself as independent, should I do it or let her claim me to get more tax refund? Thanks!
Hey guys this was one of my first articles. The tax information starts around the 1 minute mark. I hope you enjoy the article. I will be making a follow up article to this in the near future. Make sure to check out the links in the description for additional information. Hope you find this information helpful. In my newer articles you will be able to see my in person. Like I said I was very new to Youtube at this point in the game so my newer articles are better. Nonetheless Chipper is not a bad teacher so I hope you enjoy.