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Dependent Child Clarification

  1. #1
    Join Date
    Jun 2018
    Posts
    2

    Dependent Child Clarification


    We have a dependent child turning 18 but is filling out forms to extend to 19 as still in high school. His annual income is/will be under limit of $17940 but as all his monies earned are in summer months he is way above the monthly cap of 1420. Are we really going to be penalized $1 for every $2 he earns for college during these months (Still 18)?

  2. #2
    Join Date
    Jan 2014
    Location
    So. California
    Posts
    9,443
    Might help if you'd fill out a profile.

  3. #3
    Join Date
    Oct 2014
    Location
    I think I'm in Florida, but I'm not sure any more......my GPS blew away.
    Posts
    7,220
    Quote Originally Posted by Firefly View Post
    We have a dependent child turning 18 but is filling out forms to extend to 19 as still in high school. His annual income is/will be under limit of $17940 but as all his monies earned are in summer months he is way above the monthly cap of 1420. Are we really going to be penalized $1 for every $2 he earns for college during these months (Still 18)?
    Disclaimer: I'm no tax expert but I THINK the $1420 a month is just an clarification of the $17,940 per year. In other words, I THINK they don't care in what month(s) you earned it, just how much you earned in a calendar year.

    Quote Originally Posted by Falcon View Post
    Might help if you'd fill out a profile.
    I'm trying to figure out why I'd need to look at his profile in order to answer a tax question......
    If we're ever in a situation where I am "the voice of reason", then we are in a very, very bad situation.

  4. #4
    Join Date
    Mar 2015
    Location
    Ohio USA
    Posts
    7,522
    Call IRS (800) 829-1040 to get the correct answer.

    (You don't need to fill out a profile to dial a phone number.)

  5. #5
    Join Date
    Jun 2014
    Location
    Connecticut USA
    Posts
    11,579
    I don't think you're being "penalized" but rather, required to contribute.

  6. #6
    Join Date
    Sep 2014
    Location
    Albuquerque, New Mexico USA
    Posts
    8,944
    Quote Originally Posted by applecruncher View Post
    Call IRS (800) 829-1040 to get the correct answer.

    (You don't need to fill out a profile to dial a phone number.)
    I agree. This is the only way to be sure you are getting the right answer.

Please reply to this thread with any new information or opinions.

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