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 Tax benefit from kids as dependents
#9024457
03/25/24 07:07 PM
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Joined: Sep 2004
Posts: 8,448
stinkbelly
OP
THF Trophy Hunter
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OP
THF Trophy Hunter
Joined: Sep 2004
Posts: 8,448 |
When do you loose the benefit for claiming your college kids as dependents when doing your taxes? I read online that it was if you have a combined income above $140K. I then read somewhere else that you loose it if you have a combined income above $400K.
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Re: Tax benefit from kids as dependents
[Re: stinkbelly]
#9025427
03/27/24 03:34 PM
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Joined: Aug 2009
Posts: 22,730
BigPig
THF Celebrity
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THF Celebrity
Joined: Aug 2009
Posts: 22,730 |
No idea, but it’s not like they are a huge benefit during their school years either, or at least not in our situation. We got to claim a whopping $600 for childcare, that’s not even a full 2 weeks of childcare
Wade Dews, REALTOR ® Rendon Realty, LLC Frontline Real Estate Team www.RendonRealty.comWadeDews@gmail.com 214-356-2410 Up to 1% for closing costs for First Responders & Veterans Proudly partnered with Assist The Officer Foundation https://atodallas.org/
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Re: Tax benefit from kids as dependents
[Re: BigPig]
#9025437
03/27/24 03:53 PM
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Joined: Apr 2007
Posts: 60,632
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,632 |
No idea, but it’s not like they are a huge benefit during their school years either, or at least not in our situation. We got to claim a whopping $600 for childcare, that’s not even a full 2 weeks of childcare to capitalize you need to do (daycare, summer camp, select sports etc) through a FSA program. preferably through the city plan. If you try to do it through real estate IRS might kick you out /limit for unfair high wage earner advantage. Even then they will most likely limit you to $3200, vs 6400. But if your wife does 3200 also.,. you end up with full value. atleast its the way it was described to me. I was doing full in mine until IRS cut, so i had to mske sure wife was doing her also
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Re: Tax benefit from kids as dependents
[Re: stinkbelly]
#9025452
03/27/24 04:42 PM
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Joined: Apr 2007
Posts: 60,632
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,632 |
When do you loose the benefit for claiming your college kids as dependents when doing your taxes? I read online that it was if you have a combined income above $140K. I then read somewhere else that you loose it if you have a combined income above $400K. “The credit begins to phase out when the taxpayer's income is more than $200,000. This phaseout begins for married couples filing a joint tax return at $400,000.” IRS link
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Re: Tax benefit from kids as dependents
[Re: stinkbelly]
#9025810
03/28/24 11:23 AM
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Joined: Dec 2013
Posts: 7,026
GasGuzzler
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2013
Posts: 7,026 |
Single income family here so the numbers are different but there is an age limit I'm approaching with my oldest (professional student), not just income. Sucks because she moved back home to save money so she's still making a financial impact at home.
Pass the gravy.
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Re: Tax benefit from kids as dependents
[Re: BOBO the Clown]
#9025813
03/28/24 11:34 AM
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Joined: Jul 2005
Posts: 3,314
Stump_jumper
Veteran Tracker
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Veteran Tracker
Joined: Jul 2005
Posts: 3,314 |
When do you loose the benefit for claiming your college kids as dependents when doing your taxes? I read online that it was if you have a combined income above $140K. I then read somewhere else that you loose it if you have a combined income above $400K. “The credit begins to phase out when the taxpayer's income is more than $200,000. This phaseout begins for married couples filing a joint tax return at $400,000.” IRS linkI have not claimed any dependents for several years so I have not kept up with the IRS rules but I thought there is now a credit that is different then the dependent deduction.
2017 Tundra 5.7 CM 4x4
2006 Champion 2200 Bay Boat
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Re: Tax benefit from kids as dependents
[Re: BOBO the Clown]
#9025838
03/28/24 12:35 PM
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Joined: Aug 2009
Posts: 22,730
BigPig
THF Celebrity
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THF Celebrity
Joined: Aug 2009
Posts: 22,730 |
No idea, but it’s not like they are a huge benefit during their school years either, or at least not in our situation. We got to claim a whopping $600 for childcare, that’s not even a full 2 weeks of childcare to capitalize you need to do (daycare, summer camp, select sports etc) through a FSA program. preferably through the city plan. If you try to do it through real estate IRS might kick you out /limit for unfair high wage earner advantage. Even then they will most likely limit you to $3200, vs 6400. But if your wife does 3200 also.,. you end up with full value. atleast its the way it was described to me. I was doing full in mine until IRS cut, so i had to mske sure wife was doing her also I have no idea what you’re talking about. Please rephrase in Cop terms
Wade Dews, REALTOR ® Rendon Realty, LLC Frontline Real Estate Team www.RendonRealty.comWadeDews@gmail.com 214-356-2410 Up to 1% for closing costs for First Responders & Veterans Proudly partnered with Assist The Officer Foundation https://atodallas.org/
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