After paying off my over 10K student loans from my previous undergrad work I have decided to go back to school May 3 to finish my degree.
Background info:
- My parents do not know I am stripping. Shit would hit the fan if they did so I'm not going to tell them.
- My dad has a good job that offers me health insurance if I am a dependent of my dad. In order to be a dependent I have to be under 24 and in school full time at least five months out of the year. One of the reasons I want to finish school now is so I can keep this health insurance.
Here is my concern. I'm not sure if there is an upper limit to how much money you can make and still be declared as a dependent. On the IRS site all I could find was the rule about being under 24 and in school full time if you make more than approx. 3000 dollars (the amount my dad can deduct).
I'm about to do my Jan. 15 estimated tax payment through Turbo Tax. I don't want to mess up my dependent status or have the IRS asking my dad questions. This would ruin my entire family relationship so I am obviously really worried about it.
I know I need an accountant lol...but are therethoughts on what I should be thinking about so I can 100% legally stay as a dependent on my dad's taxes?
A family relative has offered to pay my tuition at my new college, so I want to keep my dependent status solely for this health insurance.



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J/k (obviously). But, seriously, you'll get a notice.

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