Quick Question...

[SaltySqueegee]

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Alright,

Assuming that I will be attending medical school next year. I am currently living at home, until I move out over the summer to live on my own (by virtue of going to medical school). I pretty much use my home for sleeping and that is it. My father is working on his taxes right now. Is it wise for my father to claim me as a dependent (I'm a graduating senior, 24years of age), or would it be more advantageous for that not to happen?

Thank you for your time.

 

[Columbia22]

it doesn't matter, med schools will use your parents' financial information in order to determine the large part of your financial need (this as conveyed by a few med school financial aid officers)

 

[TRUE]

In terms of what? If you're asking about federal loans (staffords and such), then it really doens't matter. For their purposes, once you enter graduate school you are completely independent from your parents regardless of what is claimed on your tax forms.

 

[NotShorty]

How about "Quick Tax Question," or something that gives some indication of the subject matter contained within.

I know nothing of taxes, and now after wasting my time to read your post, I am voluntarily wasting more of my time just to prove my point:

You suck.

-NS

 

[darkcity998]

If you didn't work this whole time, then he can claim you as an exemption and it may benefit him, but it doesn't affect your independent status for Federal loans.

On some financial aid packets, they specifically ask you if you were claimed as an exemption on your parents' tax forms. You should call a FinAid office and ask whether it will affect your eligibility for institutional aid and balance it out - if you will get more $ from school or if your father will have to pay less taxes/get more refund.

 

[Integra96]

Originally posted by NotShorty
How about "Quick Tax Question," or something that gives some indication of the subject matter contained within.

I know nothing of taxes, and now after wasting my time to read your post, I am voluntarily wasting more of my time just to prove my point:

You suck.

-NS

Way to be an ass!

Oh, and what darkcity said. Right on.

 

[drlexygoat]

Just a side note:

for your FAFSA form you fill out right before going into medical school (I'm doing mine right now) you don't include your parent's information on it. If you're seeking a professional degree that year, you get to skip the entire section about what your folks make. I guess the government figures that you're on your own at this point. There is a question about whether your parents are claiming you or not, but I don't know how that figures into your award amount since their income makes no impact you your financial need.

So, in short, it doesn't matter what your folks put down because you're only evaluated on your need when applying for staffords, etc.

 

[SaltySqueegee]

Originally posted by NotShorty
How about "Quick Tax Question," or something that gives some indication of the subject matter contained within.

I know nothing of taxes, and now after wasting my time to read your post, I am voluntarily wasting more of my time just to prove my point:

You suck.

-NS

LOL... HAHAHAHAHA... My master plan is complete... the events are set into place... the half a minute you wasted now will ripple through the space time continuum ultimately negatively affecting your chances at medical school. I didn't get my MD from anywhere... I got it from Evil School.... MUHAHAHAHAHAH... eh ... ehe... 😀 😎 🙄

 

[SaltySqueegee]

Thank you all for your quick responses. I didn't think it was a big deal, but I just wanted to make sure to Cover my rear-end.

🙂

 

[irie]

Your dad will save more money by claiming you as a dependant than you would by him not claiming you. Unless you make a lot more money than he does.

As for loans, dunno. I don't think it matters since they will always check your parents' incomes either way.