When filling out a W4, what is the best option for someone who is married, and both spouses work, they own a home, and pay student loans. There isn’t necessarily a “best” option. Claiming exempt means they will not take … Continued
To be considered a full-time student on your tax return, you must have been enrolled as a full-time student (12+ credits) during some part of each of any 5 calendar months of the year. Ex. If the term started April … Continued
You qualify as head of household if you’re unmarried and provide a home (over 50% of keeping up the home) for a qualified person. Such as you child. So you will qualify for HOH.
Can a full-time student claim exempt and not pay taxes on their income? Students are not exempt from taxes. They have the same requirement as anyone else. The only exception would be if your only income was from interest or … Continued
In order to claim someone as a dependent, one test is the support test. You must provide more than 50% of support. With that said, if you provide $4000 of support for the year and your child buys a car … Continued
Parents who work at night. If the child lives with you for the greater number of DAYS with the parent who works at night, this parent is the custodial parent. On school days, the child is considered living at the … Continued
When claiming a student as a dependent, you they are not considered a student if the school ONLY offers courses online.
If a child lives with both parents an equal number of nights during the year, the custodial parent is the parent with the HIGHER adjusted gross income. (That’s not good for the parent who makes less money…)