Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.
03-09-2018 03:13 PM
My husband and I file married filing jointly. Our 19 year old daughter lives at college Monday through Thursday and is home every weekend. Do we claim her as living at home? Also, she has a part time job where she earned $2700 and dividend income of $44.67 from a foreign stock. She is not required to file taxes because of the dollar amount but if she wants to file to get her federal income tax refund, should we do it and which form would we file? Would it be the 1040A?
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03-09-2018 05:45 PM
Hello, Mom4321, and welcome to the community.
Yes, you can claim your daughter as living with you. The IRS considers college life to be a "temporary absence" from your home. Her permanent address is still your home, and not her college address.
Most students will end up getting back everything that was withheld for federal taxes, so unless her withholding is only $5 (I'm guessing it's at least $150), it would definitely be worth filing a return. Her return will probably end on the 1040A, as you guessed, with the dividends reported on line 9. (If it weren't for the dividends, she could use the 1040EZ.)
Hope this helps - and if you have more questions, don't hesitate to throw them at us!
03-09-2018 10:18 PM
Unless they are reported in a foreign currency, there shouldn't be anything special you would need to do with them.
There should be two numbers to report - the total dividends, and qualified dividends. Total dividends will go on line 9a; qualified dividends go on line 9b.
With that, you should be all set!
03-12-2018 02:19 PM
Is there any situation where my daughters scholarships would have to be reported on her tax return or would it only be on ours even if we end up not being able to get the credit?
03-13-2018 12:13 AM
I'll have to do a little research for that...it isn't a situation I've run into very often, so I can't pull that answer out of my brain. (Maybe if it weren't nearly midnight, I'd be thinking a little more clearly...) As soon as I find an answer, I'll let you know!
03-13-2018 03:50 PM
I did read on someone else's post that if you receive more scholarship money than you need, you have to report the excess in your daughter's tax return. I am assuming that is if it is over a certain amount.