Homework Clinic

Social Science Clinic => Accounting => Topic started by: torybrooks on Sep 13, 2020

Title: Foreign exchange student Yung lives with Harold and Betty while he studies in the US. He moved into ...
Post by: torybrooks on Sep 13, 2020

Foreign exchange student Yung lives with Harold and Betty while he studies in the US.  He moved into their home January 5, 2016 and has resided with them for the remainder of the year.  Yung does not pay anything for his room and board.  Harold and Betty provide all of Yung's meals.  Yung receives a scholarship to pay for his tuition, books and fees.  He works on campus, earning $4,000 a year.  What tax issues should Harold and Betty consider?

Title: Foreign exchange student Yung lives with Harold and Betty while he studies in the US. He moved into ...
Post by: ApricotDream on Sep 13, 2020

Can Harold and Betty claim Yung as a dependent?  Does he meet the requirements for a qualified dependent?  Do they provide more than half of Yung's support?  Does Yung receive amounts from home that he uses for his support?