My wife and I file a joint IRS 1040 return. Our 32 year old daughter decided to change careers in late 2014. She gave up her good paying job and enrolled in a two year graduate school program. We have been supporting her with a stipend of about $3500 per month to cover her apartment, food, auto and other costs of living plus paying her tuition and medical insurance bills. She had no earned or investment income during all of 2015. My reading of the IRS regulations has me believing that my wife and I can take a $4,000 dependent deduction for her on our
2015 IRS return. Did I get this correct? And if the answer is yes, will there be a similar deduction of some amount available to use on our 2015 Massachusetts Income tax return?- posted
8 years ago