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Im moving out soon. As of now I shoudn't be claimed as a dependent because I pay for basicly everything. But I stay a dependent so my parents wont charge me rent.
Im moving out and will change my status from dependednt to Single (no dependents) Head of Household.
What will this do for my tax liability? I imagine the IRS will charge me less because I can claim deductions like tuition and such for myself.
The standard deduction for a single 0 (single, no dependants - highest taxed, but highest return vs a single 1) is something like $5040.
As far as tuition reimbursement (I think that was $3000 last year) and other deductions, you might be better off with a standard vs itemized deductions.
<a href=\"http://members.cox.net/95batmobile/d86f.jpg\" target=\"_blank\">Sinister Six</a> <br /><b><a href=\"http://www.cardomain.com/id/c_o_jones\" target=\"_blank\">Cardomain</a></b><br />--This doesn\'t change the fact that I am ~The Guru~ who still kicks puppies...
If you're a student, your parents can (and probably will because it benefits them) still claim you, which may or may not be to your benefit depending on how much you make.
I wouldn't claim a "Head of Household". You living by yourself wouldn't really justify that. I think that claim is made for people with families, or at least more than one person living in the home with a dependent.
1995 Pontiac Firebird
2008 Chevrolet Silverado LT Crew Cab 4x4
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