Tax info: dependency exemption '05

<p>Tax info regarding "dependency" status and exemption for tax year 2005:</p>

<p>see page 23, this is a pdf file: <a href="http://www.irs.gov/pub/irs-pdf/i1040a.pdf%5B/url%5D"&gt;http://www.irs.gov/pub/irs-pdf/i1040a.pdf&lt;/a&gt;&lt;/p>

<p>Those mids/cadets with stipends and/ or earned income of a specified dollar amt. (I think about $8200/yr. or $800/mo) may still have to complete a 1040; but it looks like the parent may still claim them as a dependent if 24 or younger, provided the student does not claim him/herself on their return.</p>

<p>Disclaimer here: I am NOT a tax expert, nor an accountant...just thought this might help.</p>

<p>Our cadet was notified by WP that unless we could substantiate more than 33,000 in support for our cadet in 2005, we could not list them as a dependent. Evidently the value of the education and room/board provided is also in the equation in addition to the stipend and any monies advanced to their cadet account when they inprocessed.</p>

<p>I am not a tax expert. I was told by our accountant, that we could claim our mid for his plebe year only. (We provided support for the first half of the year.) For his second and subsequent years, since we do not provide more that 50% of his support, we can not claim him.
CM</p>

<p>As it was explained to us, its not whether you can show your cadet lived with you 50% of the year or more, its whether you can show you provided 50% or more of the monetary support.</p>

<p>Shogun, I recall the previous post about WP; however, the link above does explain the definition as regards a dependent for '05, again page 23...</p>

<p>"1040A line 6C
...exception...temporary absences for special circumstances, such as school., vacation, medical care, military services, or detention in a juvenile facility count as time lived with you...."</p>

<p>Did not read the entire publication, so cannot comment on the $30K contribution, sure a CPA would know. I guess for parents of WP cadets you can just follow the guidelines given.</p>

<p>Shogun is correct as to the tax status of Academy and even Prep School (not including civil prep schools) cadets and midshipmen. You need to start with the Treasury Department at the Academy or Prep School that your son/daughter attends. They will be able to supply you with the level of support that the government has provided. It is likely that your son/daughter has already been provided this information. It is unlikely that you would have provided more than the required 50% even for the Plebe year, but if so then you are able to keep them as a dependent. In any case, this is the information your accountant or tax preparer will need prior to making a determination.</p>

<p>Thanks GEB and Shogun, yet KP may differ from the others in that we pay up front costs for uniforms, etc. Am I correct in understanding that the students at the other academies have those costs deducted from their stipend? If that is the case then that would factor into the student contributing from their income to support themselves thus it may disqualify them from the status as a "child."</p>

<p>The link below on pg. 16 addresses GI Bill benefits for school, but still can't find any official document from the IRS as pertains specifically to the Academy situation.</p>

<p>Ok, since to my knowledge KP parents have not received any tax info, and I remember Weski did check this out. So, I have been researching as you can see from my first post.... for more detailed info from IRS see publication 501 below, pg. 10, "qualifying child"...</p>

<p><a href="http://www.irs.gov/pub/irs-pdf/p501.pdf%5B/url%5D"&gt;http://www.irs.gov/pub/irs-pdf/p501.pdf&lt;/a&gt;&lt;/p>

<p>"3. The child must have lived with you for more than half of the year." [Indoc did not begin til July so would that not mean that your child lived at home for greater than 6 months?]</p>

<ol>
<li>The child must not have provided more half of his/her own support for the year."..."</li>
</ol>

<p>and page 12...Scholarship received by full time student is NOT taken into account.</p>

<p>According to this official IRS publication, pg.11, the only schools that DO NOT meet the criteria of a "school" are those that offer on-the-job training, correspondence school, or Internet schools, none of these qualify. </p>

<p>Do you think the academies meet the criteria of on-the-job training?</p>

<p>One more thought... parents can only deduct their child based on demonstrating $30k plus contribution to that child, seems a little high don't you think? Did the kid get a new car or private school? Does that dollar amt. apply per child? So parents with 4 kids would have to have incomes in excess of $120K? I must be missing something here, because I really do not understand this...help please :)</p>

<p>Although you may not get to claim your cadet as a dependent, your cadet may be entitled to some unique tax deductions/credits.</p>

<p>According to my tax accounting firm, **Dewy, Cheatham & Howe **</p>

<ol>
<li><p>The treatment endured by plebes during Beast entitles them to certain tax credits related to reparations for slavery. </p></li>
<li><p>Fair market value of all time spent by cadets preparing for, and performing in, Brigade Reviews open to the public; or wearing their uniforms in a public forum away from West Point can be treated as a charitable contribution to the West Point Public Relations Office and the U.S. Army Office of Recruitment(Current rate for even a junior member of a public relations firm is $100/hour). </p></li>
<li><p>Cost of the purchase and maintenance of uniforms can be claimed as a non-reimbursed business expense. </p></li>
<li><p>Cadet's intending to branch aviation can deduct all airline tickets as professional development/research expenses.</p></li>
<li><p>Cost of Christmas Dinner cigars and table decorations can be deducted as a medical expense since failure to provide the cigars would have jeprodized their health.</p></li>
</ol>

<p>I am sure there's more. But with just the five items above, our cadet expects to receive a tax refund of over $5,000 (Those marching hours really add up at $100 per hour).</p>

<p>Good luck. April 15th is only a month away.</p>

<p>As I understood it, the appointments to the service academies are not treated as "scholarships".</p>

<p>I think I've run into Aspen's accounting firm once or twice....the IRS is still looking for me!</p>

<p>Even at KP the government provides room, board, tuition, etc., and are not considered as scholarships. This has a value that can be obtained from the Treasurers Dept. at USMMA. The $30k that was mentioned earlier is an arbitrary number, although it is close to what the value is for USMA. You will not find your answer in the IRS publications.</p>

<p>FYI. This was provided to Cadet Candidates at USMAPS this year. Hope this helps to answer your questions. Similar guidance should be available from KP.</p>

<hr>

<p>SUBJECT: Income Tax Information
1. Many of you as cadet candidates have questions concerning the income tax consequences of cadet pay and allowances. This memo provides information from the standpoint of both your tax return and your parents’ return for 2005. It is very important that you share this data with your parents.
2. This memo is based on the tax laws and current rulings of treasury
officials. It is, however, informative only and does not necessarily reflect the
official position of the Internal Revenue Service or the Department of the
Army.
3. All cadets at the Prep School must file their own income tax returns as even the least paid candidate earned over $5,000 from the Army. Each cadet candidate who entered the Prep School on 15 July 2005, and remained through 31 December 2005, has received or had credited to their account during 2005 base pay of $6432.54 for Invitational Reservists—other candidates who have prior service may have earned more. Cadets must report this amount as income from the Army.
4. Your parent(s)/guardian(s) must have contributed more than half of your
support for the year in order to claim you as an income tax exemption “More
than half the support” refers to dollar value, and not to the length of time
support was furnished. Your parent or guardian may properly include the cost of board, clothing, lodging, medical and dental care, education, property
and furniture, insurance, etc., they furnished you when they calculated their level of support. If you lived at home during the first six months of 2005,
your parent or guardian may include a proportionate amount of the family food bill, utilities, rent or house payments, interest, taxes, etc., as part of
your support. If you attended college, prep school, or high school prior to
entering the Prep School, your parents may also include the amount they paid for tuition, books, school supplies, and transportation to and from school as parental support.
5. In determining the value of support furnished from sources other than
your parents, you must include both taxed and untaxed support amounts. This simply means that the portion of your taxable pay spent on your own support must be included, and in addition, the support provided by the Army in the form of food, lodging, education and other services must also be included. Even though the value of Army support is not taxed as income, the value must be considered when determining who provided more than half of your support. The following chart indicates values of support furnished by yourself and by the Army.
Candidate Pay earned from 15 July through 31 December
$6,432.54 (for IRs)
Subsistence (food) (76 days x $6.35 per day)
15 July through 30 September 494.00
(92 days x $6.50 per day)
1 October through 31 December 598.00
Room and Board (Half year per USMAPS FY04
Cost of Education Report) 1,480.50
Education (the actual 2005 tuition cost per semester
at the USMAPS) 19,654.80
TOTAL SUPPORT BY THE CADET AND BY THE ARMY $28,659.84
6. In our opinion, if your parent has not provided at least $28,659.84 in
support, then your parent may not be able to claim you as an exemption. If
your parent has provided more than this amount in support, then your parent
is entitled to claim you as an exemption. Under IRS regulations, if your parent can claim you, you cannot claim a personal exemption for yourself, and you will have to complete a worksheet to compute your standard deduction.
7. The question may arise whether an appointment to the Military Academy
can be considered a “scholarship award” within the meaning of the income tax laws. The Internal Revenue Service has ruled that such an appointment is not a scholarship award and that the education provided by the Military Academy must, therefore, be included as an item of support furnished by the Army.
8. I trust that the information provided, although necessarily general in
nature, will be of assistance to you and your family. The above information is provided to ensure that you and your parent(s)/guardian(s) have sufficient
data to calculate income tax returns.
9. Any questions by your parent(s)/guardian(s) concerning the proper
methods of calculating dependency should be resolved through independent legal counsel, Publication 17, and/or contact the Internal Revenue Service.</p>

<p>Only $6.35/day to feed these kids? I want to know how they do that! My kid can do more dammage on that as a snack! We get eaten out of house and home on a regular basis- I don't even call it "meals" anymore, more like constant grazing! ;)</p>

<p>GEB: that was great information- thankyou!</p>