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)?
Dependent Child Clarification
- Thread starter Firefly
- Start date
Falcon
DV8
- Location
- So. California
Might help if you'd fill out a profile.
jujube
SF VIP
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.
I'm trying to figure out why I'd need to look at his profile in order to answer a tax question......
applecruncher
SF VIP
- Location
- Ohio USA
Call IRS (800) 829-1040 to get the correct answer.
(You don't need to fill out a profile to dial a phone number.)
(You don't need to fill out a profile to dial a phone number.)
RadishRose
Forever in Our Hearts
- Location
- Connecticut, USA
I don't think you're being "penalized" but rather, required to contribute.
Butterfly
SF VIP
- Location
- Albuquerque, New Mexico USA
I agree. This is the only way to be sure you are getting the right answer.