Student Loans July 2008
Can I claim as a dependent?
I graduated in May 2008, a full time student and began working in late June, July, perhaps soon. I was 23 in late 2008. I grossed 16,000 While in college, I was not living in the same physical address as my parents (my university not in the same state as my parents). While in college, my parents paid for everything (took a loan out for tuition, books, etc..) Lending school, however, is in my name, though my father paid the monthly rate. After college, my parents are still paying the loan and the car registration. Of Otherwise, I support myself and live in a completely different side of the country. My wrinkle is that I do not know what counts as 1) full-time student or 2) "support". If I had to guess, the support is around 50%, but I fear choosing the wrong and get audited. We seem to be better as a group, if my father claimed me as a dependent, But I sure qualify. Thanks for the help!
As full-time student of the university address is irrelevant, because the address is considered to be living at home for tax purposes. If you are independent to pay his own tuition and rent their own separate address this matter. You qualify as a full student time for the fiscal year (5 months). Support is probably still in favor of their parents, as also has the tuition (tuition fees, funds Student loan is the same as paying out of pocket for tax purposes). It is unlikely that if you add the year that provide more than 50% of their own support. Your Parents should demand that for fiscal year 2008. There's nothing here that an audit of the system. Do not worry.
JOHN LASTER @ SPUTNIk : July 10th, 2008
