SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Now I may not want to have my kids as dependents (coronavirus tax credit in 2021)
OK, follow my logic here and please tell me where you see problems.
DS20 is in college in Oklahoma and will reside there all year. He has earned some money this year.
DD18 is in high school this spring and will go off to college this fall. She has also earned some money this year.
The stimulus checks go out to eligible individuals. Individuals who fall under section 151 of the tax code are not eligible. I'd like DS20 and DD18 to be eligible individuals and get $1200 on their 2020 tax returns. This means they must not be my qualifying child and must not be my qualifying relative as defined in section 152.
I assert they each are not my qualifying child because they don't meet the "principal place of abode" test. DS20 took his car to Oklahoma and will be attending school there all year (including summer). He does not have any intention of returning to my state at this point. DD18 lives at her Mom's house the vast majority of the time, and will be away at college starting in August.
It is more complicated to assert that they are not my qualifying relative. I'd like to rely on them failing the gross income test; that is, having gross income more than the exemption amount as defined in 151(d). A close reading of 151(d) for tax year 2020 seems to state that the exemption amount is $0, so gross income of $1 would qualify.
That "gross income of $1" part seems wrong, because according to my Tax-Aide 4012, they have to have gross income greater than $4200.
Thoughts?
OK, follow my logic here and please tell me where you see problems.
DS20 is in college in Oklahoma and will reside there all year. He has earned some money this year.
DD18 is in high school this spring and will go off to college this fall. She has also earned some money this year.
The stimulus checks go out to eligible individuals. Individuals who fall under section 151 of the tax code are not eligible. I'd like DS20 and DD18 to be eligible individuals and get $1200 on their 2020 tax returns. This means they must not be my qualifying child and must not be my qualifying relative as defined in section 152.
I assert they each are not my qualifying child because they don't meet the "principal place of abode" test. DS20 took his car to Oklahoma and will be attending school there all year (including summer). He does not have any intention of returning to my state at this point. DD18 lives at her Mom's house the vast majority of the time, and will be away at college starting in August.
It is more complicated to assert that they are not my qualifying relative. I'd like to rely on them failing the gross income test; that is, having gross income more than the exemption amount as defined in 151(d). A close reading of 151(d) for tax year 2020 seems to state that the exemption amount is $0, so gross income of $1 would qualify.
That "gross income of $1" part seems wrong, because according to my Tax-Aide 4012, they have to have gross income greater than $4200.
Thoughts?
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