Can my parents claim me as a dependent on taxes in medical school

[Magyarzorag]

If my parents pay for part of my tuition (say $5000/year), can they claim me as a dependent. I just thought it would be better if they claimed me since I will have no income in medical school, so they can get a $2500 tax refund while I can only get $1000.

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[deleted480308]

I believe the irs stipulates paying more than 50% of your upkeep, which they likely don’t

 

[Dbric36]

What if they pay all living expenses for the student?

 

[wysdoc]

Does Dependency Status on Income Tax Returns Affect Financial Aid Eligibility?

www.fastweb.com

Grad students are generally not dependents. See all the rules listed in this short article.
Notice that the rules for IRS and FAFSA differ slightly (a grad student is considered an independent by FAFSA, whether the parents support them or not) but the student is still eligible for federal aid.

In your case $5000 is definitely not >50% of your upkeep, so you don't qualify in any way.
I have noticed that almost all your queries, @Magyarzorag, deal with seeking some loophole or another.
Turn your brain power to the forces of good!

 

[Biscuitboy11]

Student needs to be under age 24 to be claimed as dependent.

If you are lucky and have parents contributing, don't forget there is a limit of 30k per year (15k per parent) for gifting- anything over that requires filing a gift tax "form". Doesn't matter that the money is to support you/is a worthy cause, still a gift
However, tuition is exempt from the gift limit; parents need to pay the bill directly. Parents shouldn't transfer money to the student and have them pay the tuition bill.

 

[Magyarzorag]

Student needs to be under age 24 to be claimed as dependent.

If you are lucky and have parents contributing, don't forget there is a limit of 30k per year (15k per parent) for gifting- anything over that requires filing a gift tax "form". Doesn't matter that the money is to support you/is a worthy cause, still a gift
However, tuition is exempt from the gift limit; parents need to pay the bill directly. Parents shouldn't transfer money to the student and have them pay the tuition bill.

I was going to have them pay the bill first and then have the loan disburse into their bank account, but I think tuition is paid first before any money goes out, so it wouldn’t work

 

[Magyarzorag]

Does Dependency Status on Income Tax Returns Affect Financial Aid Eligibility?

www.fastweb.com

Grad students are generally not dependents. See all the rules listed in this short article.
Notice that the rules for IRS and FAFSA differ slightly (a grad student is considered an independent by FAFSA, whether the parents support them or not) but the student is still eligible for federal aid.

In your case $5000 is definitely not >50% of your upkeep, so you don't qualify in any way.
I have noticed that almost all your queries, @Magyarzorag, deal with seeking some loophole or another.
Turn your brain power to the forces of good!

Corporations do that to pay less taxes. Hardworking individuals should too.

 

[ciestar]

That credit you’re referring to also has a lifetime limit. Four times, I believe.