Question

Larry and Louise are both 49 years of age and file a joint return. They provide all the support for their son, Dylan, who is 20 years old and is at home until he is called into the army. His income at part-time jobs is $4,500. Their daughter, Phyllis, is a 23-year-old full-time student at State University. She lived at school for 9 months and provided two-thirds of her own support with a summer job. Which of the following statements is true concerning the qualifying children of Larry and Louise?

1) Dylan is a qualifying child because he is under 24 years old and a full-time student.
2) Phyllis is a qualifying child because she is under 24 years old and a full-time student.
3) Dylan is not a qualifying child because he is over 18 years old and not a full-time student.
4) Phyllis is not a qualifying child because she is over 18 years old and not a full-time student.

Answer 1

Dylan is not a qualifying child because he is over 18 and not a full-time student, whereas Phyllis might be one if she is a full-time student under 24 years old, but her providing two-thirds of her support could disqualify her as well.

Step-by-step explanation:

The question concerns whether Dylan or Phyllis qualifies as a qualifying child for Larry and Louise's tax return. According to IRS guidelines, a qualifying child must be either under 19 years of age or be a full-time student under 24 at the end of the year, among other criteria such as relationship, residency, and support. Considering this information:

• Dylan is not a qualifying child because he is over 18 years old and not a full-time student, therefore, statement 3) is true.
• Phyllis can be considered a qualifying child if she is a full-time student under 24 years of age, implying that statement 2) could be true if she meets all the other criteria.

However, the fact that Phyllis provided two-thirds of her own support could disqualify her, as a qualifying child cannot provide more than half of their own support. Therefore, statements 2) and 4) require additional information about her student status and her financial dependency. Without certainty on these points, we cannot definitively answer the question.