I am 19 yrs old and a full time college student. I have lived on my own, paying my own bills for the past year and a half. My father claimed me on his taxes this year because he said he has to in order to carry me on his health insurance. Is this right? Also, will this effect my eligibility for financial aid next semester?
--------------------
Who claims you (or doesn't claim you) on their income tax return has no bearing on your financial aid. Generally, until you are married, have kids, turn 24, or earn a 4 year bachelor's degree, you will have to have your parents info on your fafsa. You do not have to live with your parents in order to have your father get health insurance for you. Think about it, many, many, many college students move off, even go out-of-state to college... and their parents get health insurance on them! Generally, your Dad claiming you gets you more than by him not... buying your own health insurance is costly and sometimes difficult. The offset (to you) is "marginally" higher taxes for you... but when you consider how much your dad saves in comparison, he might not other wise be able to afford your health insurance. And he can claim you on his taxes without you living there but he MUST meet certain requirements in order to do so. You can look them up on the http://irs.gov website Regarding the rules about his health insurance policy, you would just have to read the policy or trust him.
Source
No comments:
Post a Comment