another tax question

[brownmule]

i have been on the irs site and tax cut.im about to have an over load of infomation but still havent found what i need..
Question: oldest daughter is in grad school at OSU, she has student loans and personal loans she's living off ad going to school, last yr we claimed her as dependeant/full time student, we were paying for every thing at other college, this yr im am still paying for med bills ,car,she covered on our insurance, car and health, i have pd out apx 5 000 in med and dental this yr can i claim it or does she file indpentant? or can we do both? she has pd all college bills and living expenses in Ohio . will she need to file an Ohio state tax? she didnt move to ohio till aug of this yr.. thax..hopefully some one will know where i can find this info... rose

 

[Green Creek]

Student loans and personal loans aren't counted as income. Unless she has a job in Ohio, I don't see why she would have to file a tax return there. It looks to me like you will claim her as a dependent and she won't have to file unless she has earned income.
These are just my thoughts on the matter, not to be taken as factual. A CPA or tax preparer should be able to steer you the right direction.

 

[Running Arrow Bill]

Sleep well at night: Have a CPA Firm do your taxes... ;-)

 

[Jogeephus]

I agree with Green Creek. If her only source of income is you and her loans - loans don't count as income. I'd plan on claiming her as a dependent but would double check with CPA. My son is at Air Force Academy and I was able to claim him last year but this year I am told - since he is considered active duty - I don't need to claim him. I guess they are saying he is now weaned and in a preconditioning program. :lol:

 

[eric]

We went through this last year with my daughter. If she claims herself, then you cannot claim her on your return. If you cant claim her, then you also can't write off any of her expenses, medical or college. The difference on her return was she got $151 less of a return.The difference on ours was about $4000 less we had to pay! So needless to say, she didnt claim herself.

Actually, she did but then we had the CPA file an amended return for her.