Tuesday, August 9, 2011

Can my parents still claim me as a dependent when the only thing they pay for is my health insurance?

I'm 21 years old live on my own pay my own bills, Im a full time student as well, but I have loans for that; no contribution from my parents.
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It sounds like you don't want them to claim you any more. You can claim your self on your own income tax and not check the box that someone else is claiming you. The IRS will send out a letter to your parents asking them to prove that they provide at least 50% of your expenses. Insurance is a lot, but if you have younger siblings chances are that if it is an employer work policy the coverage is for child(ren) so whether they have one child or 20 it would be the same price. Now if you want to maintain a relationship with your parents, I would sit down with them and go over the pros and cons of which is more beneficial - them to claim you or you to claim yourself. Good luck
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