Can I Claim My Young Adult Child On My Taxes?

Knowing when your times up for claiming your young adult is necessary to ensure you’re not losing out on valuable credits and tax deductions that could be applicable to you if you’re still able to claim him or her. The opposite could be an issue as well, and it is where you claim your son/daughter in a year where now they’re losing out.

The general rule for determining if you must file a return for single individuals under age 65 is that you must file if your gross income was at least $12,400 for tax year 2020 and increases by a cost of living adjustment for years thereafter. For those who can be claimed as a dependent on someone else’s return and are unmarried, the income limit for filing a return is having earned income over $12,400, and unearned income of less than $1,100.

If your dependent earned less than the amounts stated above, he/she could still be claimed as a dependent on your return and you would qualify for any related tax credits. For instance, if they attended college and your income is under a certain threshold, you could qualify to claim the education credit. However, if your dependent child earned more than the income thresholds stated above, then you should consider allowing them to file themselves. Since there are so many scenarios that could affect this decision, you should have your tax professional to run tax calculations to be certain of what’s best for you.