Originally Posted by yakabod
First of all, You're awesome for responding in such a timely manner!
#1;Next question is, My parents are saying that they cannot file their taxes unless i get my taxes adjusted by removing my brother. Is that true?
#2;No right? From what i see, it takes 6-12 weeks for this 1040x to process, so how would they even know that I got my taxes adjusted?
#3;From what I'm gathering, my parents are trying to tell me what i want to hear just so they can add my brother under them and have their taxes owed decrease. Right?
#1;correct; your brother who is claimed as a dependent by you, one taxpayer, can't be claimed as a dependent by any other taxpayer, your parents, in the same tax year.Also,aslongas the brother could be claimed as a dependent by you and your parents at the same time, the IRS says only one of you can take the dependency exemption, child tax credit, earned income credit, child care credit or other dependency tax benefits. It's an all-or-nothing proposition. The two contending taxpayers can't make any agreement to split the tax benefits between them.
#2;as mentioned above;in my opinion,they’d guess that you’d get your return amended. this situation has nothing to do with your 1040X filing.they never know that you got your taxes adjusted as you said, the IRS typically processes an 1040X about 8 to 12 weeks, but this process can take longer during the IRS's busiest times.
#3;I can’t tell it; I guess both of you need mutual agreement to make a wise decision.