what can dependent student claim standard deduction or personal exemption
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Standard Deduction for Dependents The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: 1  $950, or. 2  The individual's earned income for the year plus $300 (but not more than the regular standard deduction amount, generally $5,950).
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Standard tax deduction amounts for the 2016 year This deduction amount, however, cannot exceed the basic standard deductions for the dependent taxpayer’s filing status. Itemized deductions. Although most taxpayers claim the standard deduction, all taxpayers may choose to itemize deductions and claim that amount if it is larger than their allowable standard deduction amount. You must file Form 1040 and Schedule A to itemize. Some itemized deductions are limited based on a taxpayer’s adjusted gross income, or AGI.
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Standard Deduction - Taxpayer Claimed as Dependent on Another Return Standard Deduction - Taxpayer Claimed as Dependent on Another Return. If a taxpayer or taxpayer's spouse is claimed as a dependent on someone else's return, the standard deduction on the taxpayer's return is generally reduced and calculated according to the worksheet on page 39 of the instructions for IRS Form 1040 U.S. Individual Income Tax Return. The standard deduction for an individual for whom an exemption can be claimed on another person's tax return is generally limited to the greater of: $1,050, or The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,300).
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Publication 519 (2017), U.S. Tax Guide for Aliens However, if you are filing a return for 2013 and earlier Tax Years, you may be able to deduct your child's school fees and tuition if you don't claim either student tax credit. You may be able to claim a tax deduction of up to $4,000 for qualifying tuition and fees you paid for you, your spouse, or a dependent.You may deduct any qualified expenses up to $4,000, even if you paid the tuition and fees with a loan.ou may be able to claim the Child and Dependent Care Credit if you pay someone to care for your child or children under age 13 so that you can work or look for work. This credit can be worth up to 35% of some or all of the expenses you paid to the care provider, based on your yearly income and the number of children.
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Publication 501 - Main Content The standard deduction for an individual for whom an exemption can be claimed on another person's tax return is generally limited to the greater of: 1  $1,050, or. 2  The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,300).
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Standard Deduction PLUS Personal Exemption ‎02-03-2014 08:34 PM. This same problem happened last year. I wound up MAILING in my 1040 EZ. It looks like I will have to do the same this year. On ANY 'free' file site, only the 'standard deduction' ($6,100) is computed in my return. The 'personal exemption' ($3,900) is NOT included. On the paper form the combined amount of $10,000 can be entered. When I try to enter myself as a dependent (to claim this exemption), I am rejected as non valid.
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Publication 501 - Main Content The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: 1  $1,050, or. 2  The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,300).
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Publication 970 - Introductory Material You paid $3,500 of qualified education expenses in December 2014, and your child began college in January 2015. You claimed $3,500 as the tuition and fees deduction on your 2014 income tax return. The reduction reduced your taxable income by $3,500.or purposes of the tuition and fees deduction, you are not treated as paying any expenses actually paid by a dependent for whom you or anyone other than the dependent can claim an exemption. This rule applies even if you do not claim an exemption for your dependent on your tax return.
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- The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: $950, or. The individual's earned income for the year plus $300 (but not more than the regular standard deduction amount, generally $5,950).
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What is a personal exemption? What is a personal exemption? A personal exemption (not to be confused with the Health Care penalty exemption) is tax-free money you get to deduct from your income for every taxpayer and dependent claimed on your return. For 2016, the exemption is $4,050 per person, which means a jointly-filing couple with 2 dependents get an exemption of $16,200 (4 people x $4,050).
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What Can I Deduct if I'm a Dependent? The standard deduction is a blanket number that applies to everyone in a certain category. If you're someone's dependent, your standard deduction is limited. It's either $950, or your earned income for the year plus $300, whichever amounts to more. But there's a catch.As of the 2011 tax year, the standard deduction for a single filer is $5,800, and your deduction can't exceed this amount.If you earned $5,600 and added $300, you can't deduct $5,900. You're limited to a $5,800 deduction.he standard deduction is a blanket number that applies to everyone in a certain category. If you're someone's dependent, your standard deduction is limited. It's either $950, or your earned income for the year plus $300, whichever amounts to more. But there's a catch.
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Should you itemize or take the standard deduction? 4 things to know You may not qualify for a full standard deduction if your parents can claim you as a dependent on their return. In that case, your standard deduction is limited to the greater of $1,000 or your earned income for the year plus $350, but not more than the regular standard deduction amount.
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- NOTE: 1  The standard deduction for a dependent is $3,950 for the 2014 tax year. 2  A qualifying dependent must be a U.S. citizen, U.S. national, or a resident of the U.S., Canada, or Mexico. 3  A spouse can never be a dependent.
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Standard Deduction for Dependents The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the larger of: $950, or. The individual's earned income plus $300, but not more than the regular standard deduction (generally $5,950).
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- Dependents have a variable standard deduction amount. the dependent's earned income plus $350, but not to exceed the standard deduction for the dependent's filing status. the dependent's earned income plus $350, but not to exceed the standard deduction for the dependent's filing status.
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What Is a Personal Exemption? You would be able to claim a personal exemption of $12,150 ($4,050 x 3). The Takeaway. A personal exemption is an amount of money that you can deduct for yourself, and for each of your dependents, on your tax return. The personal exemption, which is $4,050 for 2017, is the same for all tax filers.
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Standard Deduction for Dependents Joe, a 22-year-old college student, can be claimed as a dependent on his parents' 2012 tax return. Joe is married and files a separate return. His wife does not itemize deductions on her separate return. Joe has $1,500 in interest income and wages of $3,800.
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Tuition and Fees Deduction You may be able to deduct qualified education expenses paid during the year for yourself, your spouse or your dependent. You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return.
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Federal Standard Tax Deduction for 2017 and Other Tax Years Dependents: Your standard deduction may be reduced if you are claimed as a dependent on another person's tax return. If you were another person's dependent during the tax year, your standard deduction will generally be limited to the greater of $1000 or your earned income plus $350.ependents: Your standard deduction may be reduced if you are claimed as a dependent on another person's tax return. If you were another person's dependent during the tax year, your standard deduction will generally be limited to the greater of $1000 or your earned income plus $350.
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Publication 970 - Introductory Material Expenses paid by dependent. If you claim an exemption on your tax return for an eligible student who is your dependent, treat any expenses paid (or deemed paid) by your dependent as if you had paid them. Include these expenses when figuring the amount of your lifetime learning credit.or you to claim a lifetime learning credit for your dependent's expenses, you must also claim an exemption for your dependent. You do this by listing your dependent's name and other required information on Form 1040 (or Form 1040A), line 6c.
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- The standard deduction is distinct from personal exemptions, which also are available to all taxpayers and dependents. Taxpayers may choose either itemized deductions or a standard deduction that results in the lesser amount of tax payable.
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- Question: If I claim my daughter who is a full-time college student as a dependent, can she claim her own personal exemption when she files her return? Answer: If you can claim an exemption for your daughter as a dependent on your income tax return, she can't claim her own personal exemption on her income tax return. Your daughter should check the box on her return indicating that someone else can claim her as a dependent.
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Publication 502 - Main Content 1 The standard deduction for a dependent is $3,950 for the 2014 tax year. 2  A qualifying dependent must be a U.S. citizen, U.S. national, or a resident of the U.S., Canada, or Mexico. 3  A spouse can never be a dependent.4  If you can be claimed as a dependent on someone else’s tax return, you cannot claim anyone as a dependent.OTE: 1  The standard deduction for a dependent is $3,950 for the 2014 tax year. 2  A qualifying dependent must be a U.S. citizen, U.S. national, or a resident of the U.S., Canada, or Mexico. 3  A spouse can never be a dependent.
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2012 Tax Brackets and Standard Deduction 2012 Standard Deduction and Exemption. For 2012 the personal exemption is $3,800, and the standard deductions are: 1  $5,950 for single taxpayers and married taxpayers filing separately, 2  $11,900 for married taxpayers filing jointly, and. 3  $8,700 for taxpayers filing as head of household.
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What Are Tax Exemptions? Personal exemptions. If you are not claimed as a dependent on another taxpayer's return, then you can claim one personal tax exemption. This is a fixed amount that generally increases each year. The exemption reduces your taxable income just like a deduction does, but has fewer restrictions to claiming it.
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Publication 505 - Introductory Material 1 If you can be claimed as a dependent on someone else’s tax return, you cannot claim anyone as a dependent. 2  If you had a child on December 31, you can claim them as an exemption for the entire year. 3  You are only allowed one exemption for each person that you claim as a dependent.OTE: 1  The standard deduction for a dependent is $3,950 for the 2014 tax year. 2  A qualifying dependent must be a U.S. citizen, U.S. national, or a resident of the U.S., Canada, or Mexico.