AnnieR Posted March 14, 2008 Report Share Posted March 14, 2008 Client has son who is a full time college student, college expenses on the 1098T are over $9,000, which were paid by the client. Student had income of $4900, everything is ok so far...now...son's birthday is 5-1-83. Am I correct that the father cannot claim the student as a dependent and the amount on the 1099 is lost? Thanks AnnieR Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 14, 2008 Report Share Posted March 14, 2008 Yes you are correct. Son claims own exemption. Exemption and std ded will result in -0- taxable income for the son. Tax benefit of education expenses is lost. Quote Link to comment Share on other sites More sharing options...
fredazcpa Posted March 14, 2008 Report Share Posted March 14, 2008 your are right as to the student dependent, but look at qualifing relative, not sure about the education items would need to look that up, but since the son is not a dependent under the full time student rules, the education items would only work for the son Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 14, 2008 Report Share Posted March 14, 2008 Son can't be a qual relative because his income was $4,900. QRs can only have $3,400 in income Quote Link to comment Share on other sites More sharing options...
AnnieR Posted March 14, 2008 Author Report Share Posted March 14, 2008 This is one of those times when I wish I was wrong! BTW, jkl, I LOVE your papillon. AnnieR Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 14, 2008 Report Share Posted March 14, 2008 Thanks, she's a long-haired chihuahua. Quote Link to comment Share on other sites More sharing options...
AnnieR Posted March 14, 2008 Author Report Share Posted March 14, 2008 She's so pretty...sorry I called her by the wrong breed. The group I belong to is involved in the rescue going on in AZ. I have 2 neutered Japanese Chin. It's JCCARE, and they don't know how many Chin there are going to be in the rescue...anywhere from 10 to 94. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 14, 2008 Report Share Posted March 14, 2008 Is that the rescue operation where about 800 dogs were living with an elderly couple in a triple wide trailer? It's a good thing I'm not closer to AZ or I'd be fostering or adopting! Quote Link to comment Share on other sites More sharing options...
AnnieR Posted March 14, 2008 Author Report Share Posted March 14, 2008 Yes, it is that one in Pima County, AZ. JCCARE has gotten quite a few so far. As far as we know, they will be getting all the Chin. I know what you mean, I'd be doing the adopting, fostering thing, too if I was closer. Too bad we can't claim them as dependents. Quote Link to comment Share on other sites More sharing options...
lydia33 Posted March 14, 2008 Report Share Posted March 14, 2008 Thanks, she's a long-haired chihuahua. She makes a better picture than my "meme". She will not stay still long enough for a picture. If I had a camera out last night she would have. She had been to the spa and had her nails done and was striking a pose like your little one. She helps me sometimes when I am at home doing taxes and sits in my lap or on the chair beside me. Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 14, 2008 Report Share Posted March 14, 2008 She makes a better picture than my "meme". She will not stay still long enough for a picture. If I had a camera out last night she would have. She had been to the spa and had her nails done and was striking a pose like your little one. She helps me sometimes when I am at home doing taxes and sits in my lap or on the chair beside me. Even with the "better picture", the dependent cannot be claimed because he made too much money and he is not under 24. Quote Link to comment Share on other sites More sharing options...
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