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What kind of tax benefits would I get if I wasn't a dependent

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dugweb

Diamond Member
I've had this on my mind for a while, and I think within the next 6 months I can do it.

My question is, how will this effect my paying taxes. more, less? good website explaining in simple terms?

thanks for the help
 
well......this is kinda tough, to do this we sorta need some info as to what your current tax situation is.

MAIN DIFFERENCE, you can claim a PERONAL EXEMPTION whereas right now, being a dependent, your parents are taking that. (is is $3,300 for 2006)

..however, there is a hell of a lot more to it than this, but under ordinary circumstances, thats the BIGGEST difference
 
Of course everything depends on your particular situation, but basically, by claiming you as a dependent, your parents can deduct an amount from their taxable income each year. If you are no longer a dependent for them, they can no longer deduct that amount. You get to deduct the amount from your taxes. Your taxes should go down (again, depending on your circumstances), but your parent's taxes will go up. Since they are likely in a higher tax bracket than you, their taxes might go up a little more than yours go down.

If you have more specific questions, feel free to ask, I'm sure there's enough folks with tax info for ya!
 
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