At what point will my parents stop listing me as a dependent?

surftheiop

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I was talking to my dad today and neither of us really knew the answer to this, at what point should he stop listing me as a dependent if I go to med school?

As far as taxes, medschool financial aid, loans, etc. is there a normal and/or best time to do this?
 
Dec 18, 2009
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under the sun :)
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I was talking to my dad today and neither of us really knew the answer to this, at what point should he stop listing me as a dependent if I go to med school?

As far as taxes, medschool financial aid, loans, etc. is there a normal and/or best time to do this?
When you apply for financial aid for grad school (ie medical school), you are automatically considered independent. So that would be a good time to start...
 

surftheiop

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When you apply for financial aid for grad school (ie medical school), you are automatically considered independent. So that would be a good time to start...
Just to be sure I'm understanding right

So for my senior year of college I will still be a dependent, even though I would be applying for gradschool financial aid during that year?

Then MS1 I would no longer be listed as a dependent, correct?
 

brooklynblunder

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when you apply to FAFSA for med schools (Spring of your SR year if you are trad) you are independent on your FAFSA

for tax returns, you probably are still dependent that year if you aren't bringing home the bacon
 

Pills Of Soap

iBrawl
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if your parents claim you, they will get a tax break, whether or not you are working.

if you claim independent, you will get more money back on you tax return (given you work and pay taxes).

so the best time would be when you have a full-time job/graduated from college.
 

scattun

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Well, if you are a. a student, b. under 24, and c. your parents pay half your expenses or more, they can claim you as a dependent as a qualifying child. They can also claim you as a dependent as a qualifying relative after you are 24 even if you aren't a student as long as a. your gross income is less than $3650, and b. they provide more than half your support.

Source: http://www.irs.gov/pub/irs-pdf/p501.pdf

For the FAFSA, while it is true that students are considered independent of their parents when applying for grad schools, individual med schools may have different requirements. I know that all the schools I applied to (and the vast majority of schools from my understanding) required parental financial information to be eligible for need based aid. So you are probably only independent in the eyes of the service that collects and standardizes your financial information, not the ones actually decided if you need aid or not.
 

surftheiop

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Well, if you are a. a student, b. under 24, and c. your parents pay half your expenses or more, they can claim you as a dependent as a qualifying child. They can also claim you as a dependent as a qualifying relative after you are 24 even if you aren't a student as long as a. your gross income is less than $3650, and b. they provide more than half your support.

Source: http://www.irs.gov/pub/irs-pdf/p501.pdf

For the FAFSA, while it is true that students are considered independent of their parents when applying for grad schools, individual med schools may have different requirements. I know that all the schools I applied to (and the vast majority of schools from my understanding) required parental financial information to be eligible for need based aid. So you are probably only independent in the eyes of the service that collects and standardizes your financial information, not the ones actually decided if you need aid or not.
So when I fill out FAFSA will that still be with all my parents info, or will that just be with my info and then I fill in my parents info on school specific forms?
 

URHere

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Count yourself as an independent when you (one way or another) are able to support yourself. If your parents pay for your expenses, let them claim you and take the tax break. If you pay for your own expenses - either through work or your own loans - then that tax break is all yours.
 
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I started doing my own taxes around 18-19 but I also was working full time while I was in school. Also, wasn't living with my parents. As for school, I had to keep one of them on for financial aid until this year, as I'm 24 next month :(