If your Mother claims you as a dependent:
If your Mother should claim you as a dependent and are a full time college student, she would gain a greater tax benefit as her Tax Rate would be higher than your's.
In Tax Lingo, your Mother would get back more in Tax refund than you would, if you claim yourself as a dependent on your own tax return. I have to assume that your Mother earns considerably more than you. If you claim yourself as a dependent:
The advantage to you is that you gain an extra deduction for claiming yourself as a dependent. This results in a lower tax liability to you contributing to a greater tax refund.
So, you are now aware of the pro's and con's and in conclusion, if your mother gets to claim you as a dependent, it would result in a greater tax benefit and if you claim yourself as a dependent. |