I just graduated from college. How should I file my taxes?

I'm fresh out of college and have begun to work full-time. When it comes to paying taxes next year, should I claim myself or should my parents claim me?

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August 22, 2007

Posted by binayStrat

3 stars ( 3 ratings )

Without question, there is a tax write-off available. Since we are talking about family, the question is who will receive the greatest benefit. I suggest hiring a financial advisor to evaluate the two opportunities, which should only set you back around $100. The fee is well worth it since the credit is potentially worth hundreds of dollars.

For a more hands on approach, you can begin filing your taxes online to learn what the two options yield - seeing the difference made when you are and aren't claimed as a dependent.

Comments

Brett: To be considered a dependent, relationship, age, principal place of abode, and support are key:

Relationship- son, daughter, stepson, etc.
Age – 19 or 24 if student for at least 5 calendar months
Principal place of abode – same as taxpayer for ½ year
Support – child must not provide more than ½ of their own support during tax year

It appears that your only option is to file single (not claimed as a dependent), but contact a tax professional to look at your specific situation.
pollyp: Thanks, Brett. The information you provided really clarifies things.

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I just graduated from college. How should I file my taxes?

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