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Asked by: jbell
Bobbie on Jan 15, 2013
WHEN you are still living with your parents in their home and you are under the age of 24 and you are NOT furnishing MORE than 50% of your own support then you would still be a dependent of your parent for that tax year and at that time you would not be able to qualify your own exemption on your own 1040 income tax and neither the exemption for the child for that tax year.
Wake up NOTHING for just having a child at all because you do have rules that have to be met by you and the child in order to be able QUALIFY for any of the amounts such as exemption amount for a QC dependent would mean that you could 3800 of income that would be FREE of the FIT amounts during the tax filing season for that tax year.
Once when your are no longer a dependent of another taxpayer for that tax year then you do have to have the REQUIRED EARNED income amounts that you did receive for WORKING in order to EARN the QUALIFIED EARNED income amounts that would be needed to be able to qualify for any of the available tax credit amounts for you and some additional amounts for each QC dependent ONCE you do have the EARNED income and are NO longer a dependent of another taxpayer for tax year.
Hope that you find the above enclosed information useful. 01/14/2013
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