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I Have A Tax Question If I Provide Insurance Coverage To My 21 Yr Old Child Who Is In College? |
If I provide insurance coverage to my 21 yr old nipper who is in college can I deduct medical expenses? There was an illness which I paid @ $20,000 in out of receptacle expenses not covered.
She will file her own 1040 this year and is not considered anyone's dependent.
Unfortunately no, unless when she files she writes that she can be declared as someone else dependent then you cant.
My query would be since you provide support why cant you claim her? Is she is married I can understand that. Our 19y/o works yet we do claim her as we are competent too.
I would advise you to speak to some tax experts with your daughter so that you both maximize your income tax returns. It deep down doesn't cost that much.
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If she's not your dependent, you can't be entitled to a deduction for the medical expenses you paid on her behalf.
HOWEVER, you very well may be able to set forth her as a dependent and get a partial deduction for her medical expenses that you paid. Those expenses (benefit any health insurance that you paid on her behalf) among others will determine if you provided more than half of her fund for determining dependancy status. As long as she is not married, you can claim her if you provided more than half of her keep.
If you do claim her, she will lose her personal exemption and will possibly have higher tax to pay herself. Normally this still works out well-advised b wealthier for the family as a whole since the parents' income is usually much higher than the child's is so the value of the release is greater for the parents as far as the tax liability is concerned.
HOWEVER, you very well may be able to set forth her as a dependent and get a partial deduction for her medical expenses that you paid. Those expenses (benefit any health insurance that you paid on her behalf) among others will determine if you provided more than half of her fund for determining dependancy status. As long as she is not married, you can claim her if you provided more than half of her keep.
If you do claim her, she will lose her personal exemption and will possibly have higher tax to pay herself. Normally this still works out well-advised b wealthier for the family as a whole since the parents' income is usually much higher than the child's is so the value of the release is greater for the parents as far as the tax liability is concerned.
Unfortunately no, unless when she files she writes that she can be declared as someone else dependent then you cant.
My ask would be since you provide support why cant you claim her? Is she is married I can understand that. Our 19y/o works yet we do claim her as we are clever too.
I would advise you to speak to some tax experts with your daughter so that you both maximize your income tax returns. It definitely doesn't cost that much.
My ask would be since you provide support why cant you claim her? Is she is married I can understand that. Our 19y/o works yet we do claim her as we are clever too.
I would advise you to speak to some tax experts with your daughter so that you both maximize your income tax returns. It definitely doesn't cost that much.
You may require the medical expenses if you meet the qualifications
Qualifying Child
A qualifying boy is a child who:
Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a daughter of any of them (for example, your grandchild, niece, or nephew),
At the end of 2006 was:
Under age 19,
Under age 24 and a full-unceasingly a once student, or
Permanently and totally disabled,
Lived with you for more than half of 2006, and
Did not provide over half of his or her own funding for 2006.
Dependent
You can include medical expenses you paid for your dependent. For you to list these expenses, the person must have been your dependent either at the time the medical services were provided or at the things you paid the expenses. A person generally qualifies as your dependent for purposes of the medical expense reduction if both of the following requirements are met.
The person was a qualifying child or a qualifying corresponding to, and
The person was a U.S. citizen or national or a resident of the United States, Canada, or Mexico. If your qualifying issue was adopted, see Exception for adopted child, next.
Qualifying Relative
A qualifying correspondent is a person:
Who is your:
Son, daughter, stepchild, foster child, or a descendant of any of them (for eg, your grandchild),
Brother, sister, or a son or daughter of either of them,
Father, mother, or an precursor or sibling of either of them (for example, your grandmother, grandfather, aunt, or uncle),
Stepbrother, stepsister, stepfather, stepmother, son-in-law, daughter-in-law, progenitor-in-law, mother-in-law, brother-in-law, or sister-in-law, or
Any other person (other than your spouse) who lived with you all year as a colleague of your household if your relationship did not violate local law,
Who was not a qualifying child (see Qualifying boy above) of any taxpayer for 2006, and
For whom you provided over half of the support in 2006. But see Children of divorced or separated parents, earlier, Finances claimed under a multiple support agreement, next, and Kidnapped child in Brochure 501.
To learn more read publication 501 http://www.irs.gov/publications/p502/ar0 2.html#d0e323
or call the Internal Net income Service at 1-800-829-1040
Qualifying Child
A qualifying boy is a child who:
Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a daughter of any of them (for example, your grandchild, niece, or nephew),
At the end of 2006 was:
Under age 19,
Under age 24 and a full-unceasingly a once student, or
Permanently and totally disabled,
Lived with you for more than half of 2006, and
Did not provide over half of his or her own funding for 2006.
Dependent
You can include medical expenses you paid for your dependent. For you to list these expenses, the person must have been your dependent either at the time the medical services were provided or at the things you paid the expenses. A person generally qualifies as your dependent for purposes of the medical expense reduction if both of the following requirements are met.
The person was a qualifying child or a qualifying corresponding to, and
The person was a U.S. citizen or national or a resident of the United States, Canada, or Mexico. If your qualifying issue was adopted, see Exception for adopted child, next.
Qualifying Relative
A qualifying correspondent is a person:
Who is your:
Son, daughter, stepchild, foster child, or a descendant of any of them (for eg, your grandchild),
Brother, sister, or a son or daughter of either of them,
Father, mother, or an precursor or sibling of either of them (for example, your grandmother, grandfather, aunt, or uncle),
Stepbrother, stepsister, stepfather, stepmother, son-in-law, daughter-in-law, progenitor-in-law, mother-in-law, brother-in-law, or sister-in-law, or
Any other person (other than your spouse) who lived with you all year as a colleague of your household if your relationship did not violate local law,
Who was not a qualifying child (see Qualifying boy above) of any taxpayer for 2006, and
For whom you provided over half of the support in 2006. But see Children of divorced or separated parents, earlier, Finances claimed under a multiple support agreement, next, and Kidnapped child in Brochure 501.
To learn more read publication 501 http://www.irs.gov/publications/p502/ar0 2.html#d0e323
or call the Internal Net income Service at 1-800-829-1040
Individual Life 
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