Home Forums Hunting & Shooting Hunter's Campfire The daughter

Made 24k as a senior in High school, working January through August. Whats the best deal on taxes? Can we claim her or is it best to let her do her own taxes?

I know, I’m a dummy about taxes...

H&R block is your friend.

If you claim her, she can't claim herself on her own return, unless she's put it all into a "college fund".
You should be asking an accountant though instead of asking anything here.

Just trying to get a feel. I’m not asking you to do my taxes.

For what? Getting an advance loan on yo earnt inkom craddick?

Whatever you do don't listen to Snyper.........

Gotta run the numbers both ways.

Lotta moola for a full time student in only 8mos

T

Thanks Fat

Gotcha....lol

A local tax man is what you need not H&R Block. Preferably a Jewish tax pro. I do what mine tells me to do and I haven’t paid a cent in taxes in the 12 years I’ve used him. I own and drive a truck so there’s endless deductions but a real tax pro can do wonders for anyone. H&R Block is a scam !

Yes, hire a professional.

No probs. Heres a goodone for you for when she starts college on the AOTC coordination of scholarships and Qualified expenses.

After three college kids i can do this in my sleep.

https://www.irs.gov/pub/irs-utl/Pell%20AOTC%204%20pager.pdf

Thanks bud, I’m on it,

I don't know about the taxes part, but good on her! Congratulations to the daughter and the parents!

They most assuredly are not your friend, unless a friend of yours works there.

You need to determine who provided over half of her support. Fair rental value of home and utilities divided by the number of occupants is the starting point. Then all her expenses, medical, tuition, clothing, entertainment, care, etc. Unless it adds up to $48,000 she may have provided over half of her support. Then again, if she socked most of it into a savings account then she didn't use it on her own support.

Thanks. She takes after her




Momma..

Second time I’ve heard that. Thank GR

She can’t claim herself if you do. She should get most of what she paid in back anyway.

DO NOT listen to the financial aid people at schools about doing YOUR taxes with an eye to making HER an independent student which makes her eligible for more government largesse in the form of grants and loans.

Taking their advice, I didn’t count my son as a dependent his last two years of high school. It made zero difference as far as his status once he actually enrolled at UT, but deprived me of th deduction I was entitled to.

And... congratulations to your daughter.

Pay a professional. I have every year. It used be be cheaper but part of what I pay him for is audit protection. I am certain he has saved me more than he has cost me.