First Time filing taxes Recent College Graduate

Forum|Forum|7 years ago
March 4, 2019
1 reply
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Hello,

I am filing my taxes for the first time at 22 years old. I graduated with my bachelor's degree in May 2018, and started working full-time at the beginning of July 2018. My reported W-2 wages are $15k+. However, I am currently living at my parents' house (as I did all of 2018), and was dependent on their income until I started working. That being said, as part of my work deductions/benefits, I've been contributing to 401k, insurance, and HSA, as well as paying for my student loans myself. But my parents paid for my tuition and living expenses until I started working. Would I be claimed as my parents' dependent this year (y/n)? Please explain with as much detail if able. Thank you!

Dependents

IsabellaG

Employee

It's likely that your parents can still claim you this one last time. If you were a full-time student for at least part of 5 months of 2018, and you lived at your parents home, you would have to have paid more than half of your own support for the year. And support includes the fair rental value of your parents' home. Here's a link to the IRS Support Worksheet which should help you determine your status.

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