Tax Question to claim or not to claim

[Justyntym]

I've got a daughter in college full time and I can claim her as dependent

Here's the deal...obviously if I claim her I get back a substancial amount
more, she gets a little bit less back BUT...

Like last years "stimulas" package, she got nothing because she was claimed
on someone else tax return. I got nothing for her being a child because she
was over 18...

Kinda messup actually, kid in colege working part time to help out gets squat
while people sitting at home on their arse get $600 a person...but anyway

My question is the "great giver's" next stimulas package...any idea the ins
and outs of it?? (or rumors) Don't want to claim her and then have the
O-man give away 10 grand per person and have her miss out on that again...

 

[dadofthree]

Not an expert, I can tell you I received none of my money back and don't expect to this time.

 

[Justyntym]

Not an expert, I can tell you I received none of my money back and don't expect to this time.

Well I did both our taxes both ways and it's about a $1000 difference

just don't want Obama to drop a HUGE stimulas package, who know how much
it would be...and have her not qualify for it again just because I claimed her.

If the Stimulas is over $1000...I/we lose the difference.
And the way the Govt' is throwing out trillions of dollars...who knows. ???

 

[dadofthree]

Not a tax expert, but you can amend your taxes, just don't know the limits.

A wise old man ( Rich ) once said a bird in the hand is better than two in the bush ...

 

[Justyntym]

Yeah I'm sitting here thinking I can't balk on a grand and hoping Obama
will give it back to me later...

 

[BusaWizard]

Talk to a CPA.

 

[Wag]

You can claim her if you're providing more than 50% of her support through the year. If she lives with you at home while she's in college for more than 50% of the year, that counts. Otherwise, you have to add it up.

If you claim her, though, she can't claim herself. Figure out which of you gets the higher cash return and do it that way. You can always share the wealth with her if you feel so inclined.

--Wag--

 

[johnstein]

figure out which way will get more $$$ and split it . keep both of you happy ! the govt is gonna get your anyway !

 

[HRJR]

If you don't take her as a dependent this year, she can get a $600 tax credit ("Recovery Rebate Credit") on her taxes this year (2008). I use Taxact online. I took my son as a dependent last year (no $600 check for him last year). But, this year I am not taking him as a dependent. I just submitted his tax return today. He got the $600 Recovery Rebate Credit because he didn't get the $600 last year.

He was happy.