Father is right, start saving now for your retirement
Q: Dear Rick: I graduated college a year ago and have been working ever since. I live with my parents and, basically, I have very little living expenses. My dad says I should put the money away for my retirement. I have a 401(k) plan through work and I put away the maximum allowed. The problem is my employer only allows me to save 20 percent of my salary. I would like to do more. I know the IRS …
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My son married a russian girl, and with her came her parents, they are 59 years old, don’t work, have no income what so ever, live with my son etc… their daughter claimed them as dependents last year before she married my son.. just seems odd that you can write two able bodied adults off on your tax return … I know that you can’t claim children after a certain age, I would think the reverse would hold true for parents, maybe you could claim them AFTER they turn a certain age.. they are not citizens of the US. Does anyone know about how this works? Thanks…
We would like to do this without a lawyer. What is the process?
He’s not trying to avoid the taxes, we would like to know if he has to pay them first or if we can do it after, the house burned down and we are going to rebuild, he does not want to.
I am wondering how it is legal for my father to be claiming me as dependent on his tax return this year. I turned 24 in September of last year, I am not disabled, and I made 13,000 dollars last year. I live with my parents, but I pay my own bills even though they have not charged me rent yet. I don’t understand, after reading the dependent qualifications on the IRS site, how it is legal for him to claim me. This also causes my refund to shrink from 1203 to 430! Thank you for your help.

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