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My dad can no longer claim me as a dependent because I am over 19 and was no longer a full-time student in 2012. I am filing my taxes online at H&R Block and my original return was going to be $433. However, when I updated my profile and said I wasn't being claimed as a dependent, it jumped to $815. Is this correct? It just seems like way to big an amount just because one thing changed. I would appreciate some insight because I don't want to get in trouble with the IRS.
ANSWER
The BIDaWIZ Team's Answer:
If you are no longer being claimed as a dependent, then you can claim a personal exemption for yourself on your tax return, which lowers your taxable income. It is entirely possible for your tax refund to increase as a result of this change. To provide a precise analysis, we would need to know your income, expenses, filing status etc., but this scenario is entirely plausible.
