TaxGuy0915
Junior Member
Indiana - This is my second time filing taxes and I just wanted to clear a few things up before I go ahead and do it this year. I am 21 years old, a full time student, I live in Indiana and I made just over 5k last year from my job. I live with my parents and my tuition is put on my father’s credit card, but I then pay him with cash from bonds that I have in my name, which I had cashed in 2008.
When I filed last year, I filed as a dependent because my dad claimed me on his taxes. However, since I am over 17 I do not qualify for the child tax credit. He also did not get $300 for me from the economic stimulus but he did for my brother who was 16. I did not get any stimulus when I filed my taxes as a dependent. Are we doing the right thing by claiming me as a dependent? Or should I be filing as a independent?
Also, all those bonds are tax exempt when used for education. Since I cashed them they’re income for me. But my dad was the one who paid the tuition with the credit card. The money from the bonds did go to his credit card to pay that off though. So how do I show my tuition payments when I file so I don’t pay interest on those bonds?
Just a little bit more information; my parents file jointly but my mom doesn’t work. My dad made about 100K last year and I have a brother who was 17 in 2008, and is now 18 as of Jan 6th 2009.
Those are a few points I’d like to clear up before I begin anything. I’m sure there’s more I’m missing, but I’ll come up with it later. Any advice you can pass on would be greatly appreciated.
When I filed last year, I filed as a dependent because my dad claimed me on his taxes. However, since I am over 17 I do not qualify for the child tax credit. He also did not get $300 for me from the economic stimulus but he did for my brother who was 16. I did not get any stimulus when I filed my taxes as a dependent. Are we doing the right thing by claiming me as a dependent? Or should I be filing as a independent?
Also, all those bonds are tax exempt when used for education. Since I cashed them they’re income for me. But my dad was the one who paid the tuition with the credit card. The money from the bonds did go to his credit card to pay that off though. So how do I show my tuition payments when I file so I don’t pay interest on those bonds?
Just a little bit more information; my parents file jointly but my mom doesn’t work. My dad made about 100K last year and I have a brother who was 17 in 2008, and is now 18 as of Jan 6th 2009.
Those are a few points I’d like to clear up before I begin anything. I’m sure there’s more I’m missing, but I’ll come up with it later. Any advice you can pass on would be greatly appreciated.