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07-25-2017 08:45 PM
07-25-2017 09:11 PM
Welcome to the H&R Block community.
In order to make a change on their tax return your parents would have to complete an amended tax return (Form 1040X). However, it is unlikely that they will "unclaim" you if you qualify to be claimed as their qualifying relative (dependent).
By claiming you as their dependent your parents receive an extra $4,050 exemption on their return which lowers their taxable income and in turn that lowers their tax liability. If your parents were to remove you from their tax return they would probably end up owing a small amount of additional tax because they would lose that extra exemption.
If it's the penalty for not having insurance that you're worried about then you have nothing to worry about. You will almost certainly qualify for an exemption from that since you don't have any income. The penalty is automatically waived for anyone whose income is below their filing requirement ($10,350 for single taxpayers). Also, if you remain a dependent on your parents' return then they are actually responsible for your health insurance from a tax standpoint and you will not be penalized.
If you're trying to get health insurance then I would certainly look at the marketplace. As a dependent of your parents, or as an individual with an income greater than the federal poverty line for your family size ($11,880 for a tax family of 1), you will qualify for the premium tax credit. For instance, if you remain their dependent then your parents can apply for Obamacare for you and unless they have an income of more than $63,000 (which is about the income limit for a tax family of 3) you will also get some premium tax credit to cover most of the cost of your premiums.
If you have any other questions I'll be glad to help.
Senior Tax Advisor (Tampa, FL)