Four months a full time student?


B

Bewildered

My son is a full time freshman, since last September.

Taxcut asks if he was full time student in 2006, and defines
it as being a student for five months.

I guess that is perfectly clear, but I just wanted to make
sure it was right, that he isn't.

What difference does it make anyhow?
 
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P

Phil Marti

Bewildered said:
My son is a full time freshman, since last September.

Taxcut asks if he was full time student in 2006, and defines
it as being a student for five months.

I guess that is perfectly clear, but I just wanted to make
sure it was right, that he isn't.
High school counts too, but if he took some time off after
high school then, no he doesn't meet the definition of
full-time student for 2006.
What difference does it make anyhow?
It makes a difference if he was 19 or older on 12/31/2006
and had more than $3,300 of income in 2006. If that's the
case and he was not a full-time student, he is not your
qualifying child for 2006.

See IRS Publication 501.
 
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B

Benjamin Yazersky CPA

Bewildered said:
My son is a full time freshman, since last September.

Taxcut asks if he was full time student in 2006, and defines
it as being a student for five months.

I guess that is perfectly clear, but I just wanted to make
sure it was right, that he isn't.

What difference does it make anyhow?
was your kid a high school student for 5 months during the
year?

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
 
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B

Bill Brown

Bewildered said:
My son is a full time freshman, since last September.

Taxcut asks if he was full time student in 2006, and defines
it as being a student for five months.

I guess that is perfectly clear, but I just wanted to make
sure it was right, that he isn't.
It is correct that a person has to be a full-time student in
5 different months of a tax year to be considered a
full-time student. To answer your question about whether
your son qualifies I have some questions. How old is your
son? When did he graduate high school? Are you sure the Fall
session didn't start in late August?
What difference does it make anyhow?
Full time students, and their parents, get tax breaks that
are not available for part-time students. For example,
parents can claim a dependency exemption for a full-time
student child age 19-23 without regard for the child's
income.
 
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W

Wilecoyote

Bewildered said:
My son is a full time freshman, since last September.

Taxcut asks if he was full time student in 2006, and defines
it as being a student for five months.

I guess that is perfectly clear, but I just wanted to make
sure it was right, that he isn't.

What difference does it make anyhow?
If your son is a full time freshman (I'm assuming college
student), and is under the age of 24, you may still be able
to claim him on your taxes. The dependent is deemed a full
time student if he has been enrolled in at least 12 credit
hours a semester for 5 months throughout the year.

This also makes you eligible for the Hope and Lifetime
Learning Credits. I'm not familiar with Tax Cut but, I would
check for Form 8863, to make sure you get one.

Also I believe if he was a high School student through the
preceding year, and has enrolled in a University as a full
time student in August, then he is still considered a full
time student. Regardless, if he is under nineteen it is a
moot point
 
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A

Arthur Kamlet

Bewildered said:
My son is a full time freshman, since last September.

Taxcut asks if he was full time student in 2006, and defines
it as being a student for five months.

I guess that is perfectly clear, but I just wanted to make
sure it was right, that he isn't.

What difference does it make anyhow?
If he is at least age 19 but under age 24, then in order for
him to be your dependent, one rule requires he be a full
time student.

This means a full-time student for any portion of any five
months.

Sept - Dec is 4 months. If his academic term or semester or
quarter began in late Auigust, even August 31, that counts
as one more month.

If he was a full time student earlier in the year, January
2006 for example, that counts.

It is possible, based on his income being less than $3300,
that he can still be your dependent, but there could be
advantages if a full-time student.
 
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Harlan Lunsford

was your kid a high school student for 5 months during the
year?
One point of clarification here. The five months rule reads
to the effect that one is a student if he is in school
during some parts of five months during the year. If it
were a full five months required, then high schoolers who
graduate in May would not qualify.

ChEAr$,
Harlan Lunsford, EA n LA
 
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B

Bewildered

Bill Brown said:
Bewildered wrote:
It is correct that a person has to be a full-time student in
5 different months of a tax year to be considered a
full-time student. To answer your question about whether
your son qualifies I have some questions. How old is your
son? When did he graduate high school? Are you sure the Fall
session didn't start in late August?
He turned 19 in November. 6 months of high school and 4
months of college, all full time. I expect his income will
be over $3,300.

It makes sense that he is a full time student since he
attended school for 10 months, but TaxCut specifically asks
about higher education.
 
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P

Phil Marti

Bewildered said:
He turned 19 in November. 6 months of high school and 4
months of college, all full time. I expect his income will
be over $3,300.
His income doesn't matter since he's under 24 and was a
fulltime student in at least 5 months of 2006. He is a
"qualifying child" for dependency, EIC and Head of Household
filing status.
It makes sense that he is a full time student since he
attended school for 10 months, but TaxCut specifically asks
about higher education.
The education credits apply to only post high school, so
this is information that the software will also need.

Once again a reminder that all you can count on from
software is a pretty return. You really need to understand
what goes where on the return and check it carefully after
the computer produces it.
 
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B

Bill Brown

Bewildered wrote:>
It makes sense that he is a full time student since he
attended school for 10 months, but TaxCut specifically asks
about higher education.
That would be a flaw in Tax Cut. From your facts, your son
is a full time student.
 
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V

Victor Roberts

He turned 19 in November. 6 months of high school and 4
months of college, all full time. I expect his income will
be over $3,300.

It makes sense that he is a full time student since he
attended school for 10 months, but TaxCut specifically asks
about higher education.
I haven't used TaxCut in years, but the "interview" question
seems to be worded incorrectly, which is not unusual for tax
prep programs. There is a Yahoo Group devoted to discussion
of TaxCut. I believe there was a Yahoo Group devoted to the
discussion of the TaxCut software, but I can't find it any
more.
 
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H

Harlan Lunsford

He turned 19 in November. 6 months of high school and 4
months of college, all full time. I expect his income will
be over $3,300.

It makes sense that he is a full time student since he
attended school for 10 months, but TaxCut specifically asks
about higher education.
Remember this, then. If your son still lives at home, and
you are providing more than half of his support, he will not
claim his own exemption on his own tax return and being a
student won't matter one bit to him. It will to you,
however.

You claim his exemption, and if there are any education
related credits or tuition deduction, or tuition tax credit,
then it's yours to claim. And chances are your tax bracket
is higher than his, so it is beneficial to you.

ChEAr$,
Harlan Lunsford, EA n LA
 
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V

Victor Roberts

Victor Roberts
I haven't used TaxCut in years, but the "interview" question
seems to be worded incorrectly, which is not unusual for tax
prep programs. There is a Yahoo Group devoted to discussion
of TaxCut. I believe there was a Yahoo Group devoted to the
discussion of the TaxCut software, but I can't find it any
more.
Obviously my response was not properly edited.

I meant to delete the first reference to the yahoo Group but
failed to do so.
 
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