- Joined
- Oct 13, 2010
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- 10,735
I think I have this figured out, but just thought I'd throw it out there in case I'm missing something.
When it comes to assessing the federal poverty levels, household size is an important input. From what I gather, household size is the same as the number of dependents on the federal tax form. I think I need to be interested in the 2014 tax form, since that's the year I want to analyze and control my MAGI.
So I started looking at the rules for who is a dependent and who is not, and wouldn't you know it, it gets into some details that I've never had to deal with before.
DD1 will graduate college in late May 2014 (already has accepted a job!!). She qualifies as a full time college student in 2014 (in school at least 5 months). The plan is that she will be supporting herself for the second half of 2014 (her start date is July 7th, 2014). The interview question in HRBlock at Home for dependency has a question about her gross income, which will be much more than the $3,800 (a 2012 value). That seems to be the critical question for knocking her out as a dependent on my return for 2014.
So it looks like my number, as it stands now is going to be $78,120 (not $94,200 as I was sticking in some of my spreadsheets). So if nothing else, for those of you with kids graduating, something to watch out for.
When it comes to assessing the federal poverty levels, household size is an important input. From what I gather, household size is the same as the number of dependents on the federal tax form. I think I need to be interested in the 2014 tax form, since that's the year I want to analyze and control my MAGI.
So I started looking at the rules for who is a dependent and who is not, and wouldn't you know it, it gets into some details that I've never had to deal with before.
DD1 will graduate college in late May 2014 (already has accepted a job!!). She qualifies as a full time college student in 2014 (in school at least 5 months). The plan is that she will be supporting herself for the second half of 2014 (her start date is July 7th, 2014). The interview question in HRBlock at Home for dependency has a question about her gross income, which will be much more than the $3,800 (a 2012 value). That seems to be the critical question for knocking her out as a dependent on my return for 2014.
So it looks like my number, as it stands now is going to be $78,120 (not $94,200 as I was sticking in some of my spreadsheets). So if nothing else, for those of you with kids graduating, something to watch out for.