I am taking a introductory tax class *

| June 8, 2016

Question
I am taking a introductory tax class, please help in answering my discussion question. The chapters that we are covering are Individual Income Tax Overview, Exemption, and Filing Status and Gross Income and Exclusions. The question is: Consider the rules for claiming a child as a dependent. If Kyle is 22 years old and graduated college in June of the current year, can he be claimed as a dependent by his parents? What if he earned $20,000 during the year and paid all of his $12,000 of living expenses? If Kyle’s parents tell him they are going to reimburse him for $6,001 of his living expenses, would your decision change? Why or why not? This is what I have so far. I am not sure that I am right on scenarios 2 and 3. I need help re-writing what I already have, proof reading and fixing my grammatical errors. I got most of the information straight from a website so I don’t want to plagiarize. Please feel free to add anything or remove anything. Yes, they can claim Jason as a qualifying child. Kyle meets the age test as he is under 24 and a full-time student. Kyle meets the residence test even though he graduated college in June. Temporary absences from home due to schooling do not count when considering the residence test. Finally, Kyle meets the support test as he does not provide more than ½ of his own support. Situation 2: Kyle earns $20,000 during the year and paid all of his living expenses. Kyle’s parents cannot claim him as their dependent because Kyle paid all of his living expenses. Scenario 3: If Kyle’s parents tell him they are going to reimburse him for $6,001 of his living expenses, would your decision change? Why or why not? Yes. Kyle’s parents would now be able to claim him as their dependent because they paid more than ½ of Kyle’s living expenses.

Order your essay today and save 30% with the discount code: ESSAYHELPOrder Now