mrflynn03 Posted December 27, 2022 Report Share Posted December 27, 2022 8 minutes ago, KoB2011 said: Whatever the parents lose by losing a dependent is far offset by not having someone dependent on them, no? Minors can't open their own bank accounts. A parent or guardian has to be a joint account owner. So I guess it wouldn't really matter since they could have access/control of the money anyway. Quote Link to comment Share on other sites More sharing options...
KoB2011 Posted December 27, 2022 Report Share Posted December 27, 2022 9 minutes ago, mrflynn03 said: Minors can't open their own bank accounts. A parent or guardian has to be a joint account owner. So I guess it wouldn't really matter since they could have access/control of the money anyway. Sure, that makes sense. My kids aren't old enough to make money yet so I'm not up to speed on that type of thing. But even with that, I'm not sure in the high school situation a parent would lose the ability to claim a child as a dependent. It's not really about how much money is being brought in, it's about who is providing the food, water, shelter, etc. I'd think that equation isn't going to necessarily change in 99% of cases, but could be wrong. Quote Link to comment Share on other sites More sharing options...
mrflynn03 Posted December 27, 2022 Report Share Posted December 27, 2022 Just now, KoB2011 said: Sure, that makes sense. My kids aren't old enough to make money yet so I'm not up to speed on that type of thing. But even with that, I'm not sure in the high school situation a parent would lose the ability to claim a child as a dependent. It's not really about how much money is being brought in, it's about who is providing the food, water, shelter, etc. I'd think that equation isn't going to necessarily change in 99% of cases, but could be wrong. Things probably have changed since I was a dependent. Just remember my parents telling me not to make too much money during the summers. 1 Quote Link to comment Share on other sites More sharing options...
IU Scott Posted December 27, 2022 Report Share Posted December 27, 2022 You can still claim you kids until they are like 22 but don't get child credit after they turn 17. So without child credit you don't really get much toward your returns just by claiming them. Quote Link to comment Share on other sites More sharing options...
NotIThatLives Posted December 27, 2022 Report Share Posted December 27, 2022 26 minutes ago, IU Scott said: You can still claim you kids until they are like 22 but don't get child credit after they turn 17. So without child credit you don't really get much toward your returns just by claiming them. And I'm pretty sure as long as they are considered a full time student you can continue to claim them until they turn 26. I'll say, surely IU has a team of legal or financial professionals guiding these guys with the tax implications. Also, I guess Leals sis didn't stay in IU network of schools with mom and IU employee? That or she took loans to afford living in dorms or sorority? Quote Link to comment Share on other sites More sharing options...
IUFLA Posted December 27, 2022 Report Share Posted December 27, 2022 3 minutes ago, NotIThatLives said: And I'm pretty sure as long as they are considered a full time student you can continue to claim them until they turn 26. I'll say, surely IU has a team of legal or financial professionals guiding these guys with the tax implications. Also, I guess Leals sis didn't stay in IU network of schools with mom and IU employee? That or she took loans to afford living in dorms or sorority? I think they said she played basketball at DePauw... Maybe scholarship money (if she was on an athletic scholarship... I'm not sure how much a D3 scholarship covers any way) didn't cover it... Anthony's good deed is getting national press... Which is a good thing all the way around 1 Quote Link to comment Share on other sites More sharing options...
mrflynn03 Posted December 27, 2022 Report Share Posted December 27, 2022 2 hours ago, IUFLA said: I think they said she played basketball at DePauw... Maybe scholarship money (if she was on an athletic scholarship... I'm not sure how much a D3 scholarship covers any way) didn't cover it... Anthony's good deed is getting national press... Which is a good thing all the way around My sister played basketball at Franklin. D3 doesn't give out athletic scholarships. They can give out academic scholarships and sometimes athletes get those but that varies from a few thousand to full tuition. Franklin has a fund that people donate to that helps with expenses but it isn't much. Think my sister got a couple thousand a year. Overall her tuition was about $30,000 a year for 3 years mostly paid with student loans. 2 Quote Link to comment Share on other sites More sharing options...
IUFLA Posted December 27, 2022 Report Share Posted December 27, 2022 1 minute ago, mrflynn03 said: My sister played basketball at Franklin. D3 doesn't give out athletic scholarships. They can give out academic scholarships and sometimes athletes get those but that varies from a few thousand to full tuition. Franklin has a fund that people donate to that helps with expenses but it isn't much. Think my sister got a couple thousand a year. Overall her tuition was about $30,000 a year for 3 years mostly paid with student loans. I had a friend that played QB for Franklin College back in the 70s when it was NAIA... He used to ref church league basketball and umpire little league games to make some side money... Not sure what, if any, the scholarship rules were... His name was Dana Standefer... Actually had a pro camp with the Seahawks. Had a laser arm, but didn't make the cut... 1 Quote Link to comment Share on other sites More sharing options...
go_iu_bb Posted December 27, 2022 Report Share Posted December 27, 2022 2 hours ago, IUFLA said: I think they said she played basketball at DePauw... Maybe scholarship money (if she was on an athletic scholarship... I'm not sure how much a D3 scholarship covers any way) didn't cover it... Anthony's good deed is getting national press... Which is a good thing all the way around As @mrflynn03says, there are no athletic scholarships at the D3 level. They are, however, held to the same "amateurism" rules as D1. I could've swam for a D3 school but decided to forgo collegiate sports and go to a larger school instead. 2 Quote Link to comment Share on other sites More sharing options...
mrflynn03 Posted December 27, 2022 Report Share Posted December 27, 2022 (edited) 13 minutes ago, IUFLA said: I had a friend that played QB for Franklin College back in the 70s when it was NAIA... He used to ref church league basketball and umpire little league games to make some side money... Not sure what, if any, the scholarship rules were... His name was Dana Standefer... Actually had a pro camp with the Seahawks. Had a laser arm, but didn't make the cut... I think it was Anderson College I talked to about playing football there. I couldn't justify the costs for a few more years of playing. Both my sister and I have degrees in Biology and work in microbiology in the pharmaceutical industry. She got an earlier start in pharma than I did so has a few moves on me. I think not being ugly and boobs helped her a bit.(I'm not ugly though) She's also social and I'm not. I averaged $6500 a year room and board and tuition for a similar result. Edited December 27, 2022 by mrflynn03 1 Quote Link to comment Share on other sites More sharing options...
13th&Jackson Posted December 27, 2022 Report Share Posted December 27, 2022 13 minutes ago, mrflynn03 said: Both my sister and I have degrees in Biology and work in microbiology in the pharmaceutical industry. She got an earlier start in pharma than I did so has a few moves on me. I think not being ugly and boobs helped her a bit. I have no problem with that 1 Quote Link to comment Share on other sites More sharing options...
mrflynn03 Posted December 27, 2022 Report Share Posted December 27, 2022 2 minutes ago, 13th&Jackson said: I have no problem with that It'd a good advantage to have. Quote Link to comment Share on other sites More sharing options...
3Ballin Posted December 27, 2022 Report Share Posted December 27, 2022 (edited) 50 minutes ago, mrflynn03 said: I think it was Anderson College I talked to about playing football there. I couldn't justify the costs for a few more years of playing. Both my sister and I have degrees in Biology and work in microbiology in the pharmaceutical industry. She got an earlier start in pharma than I did so has a few moves on me. I think not being ugly and boobs helped her a bit.(I'm not ugly though) She's also social and I'm not. I averaged $6500 a year room and board and tuition for a similar result. Ya, Anderson had a nice little pipeline from Washington there for a while with several players going up there. I "played" football for 2 years. While I LOVED playing there, it was one of the bigger mistakes I've made. 20 years ago it cost 27k a year. They tried to show how affordable it was by comparing themselves to other Indiana schools like Butler, Rose Hulman, Valpo, Evansville, Notre Dame and thru IU and PU in as a low end option. While D3 schools dont have "athletic" scholorships, they will find a way to make it affordable for you if you're good enough. Edited December 27, 2022 by 3Ballin 1 Quote Link to comment Share on other sites More sharing options...
DWB Posted December 27, 2022 Report Share Posted December 27, 2022 4 hours ago, NotIThatLives said: And I'm pretty sure as long as they are considered a full time student you can continue to claim them until they turn 26. I'll say, surely IU has a team of legal or financial professionals guiding these guys with the tax implications. Also, I guess Leals sis didn't stay in IU network of schools with mom and IU employee? That or she took loans to afford living in dorms or sorority? You are correct on the student exception. For 2022 the tax credit (not deduction) is $4000 for one kid. If that kid earns more than ½ of his "care" related expenses (like living expenses) the parents lose the $4000 tax credit for Feds (not sure about state). Quote Link to comment Share on other sites More sharing options...
NotIThatLives Posted December 27, 2022 Report Share Posted December 27, 2022 20 minutes ago, DWB said: You are correct on the student exception. For 2022 the tax credit (not deduction) is $4000 for one kid. If that kid earns more than ½ of his "care" related expenses (like living expenses) the parents lose the $4000 tax credit for Feds (not sure about state). Unfortunately it's back to pre covid rules, $2100 per child. I dry ran my hrblock yesterday. Quote Link to comment Share on other sites More sharing options...
DWB Posted December 27, 2022 Report Share Posted December 27, 2022 (edited) 32 minutes ago, NotIThatLives said: Unfortunately it's back to pre covid rules, $2100 per child. I dry ran my hrblock yesterday. Not doubting you, just thought it was still $4000 for 2022. I don't have any kids, so I'm not as up to speed as some of you are on that particular topic. Edit: Just researched it, and you're right it decreased for 2022, but it went down from $4k to $3k max. You might be affected by your AGI as to how much you can claim as a credit. They took away the full refundability (yeah) and pretty sure there is a phase out based on income. Be glad you're getting anything at all. Edited December 27, 2022 by DWB 1 Quote Link to comment Share on other sites More sharing options...
Seeking6 Posted December 28, 2022 Report Share Posted December 28, 2022 Another Anthony Leal post today. Kid is playing this thing absolutely perfect. Heading into the Real Estate world with Millican Realty in Bloomington. I mean this just plays itself out perfectly for him Leal Estate Group,etc.... Really happy for him. All because of NIL these kids get to pursue these opportunities. 5 Quote Link to comment Share on other sites More sharing options...
jojo123 Posted December 28, 2022 Report Share Posted December 28, 2022 Not one of the players for IU deserve to be payed money to be soft and pathetic. The will to win does not come from money. And no it doesn't help. You either have it or you don't! And this IU team is filled with soft over hyped and now over payed babies. 1 Quote Link to comment Share on other sites More sharing options...
bluegrassIU Posted December 28, 2022 Report Share Posted December 28, 2022 16 minutes ago, jojo123 said: Not one of the players for IU deserve to be payed money to be soft and pathetic. The will to win does not come from money. And no it doesn't help. You either have it or you don't! And this IU team is filled with soft over hyped and now over payed babies. Wow, pretty brutal. Our team is soft, over hyped and over paid? Not sure I agree with that. Quote Link to comment Share on other sites More sharing options...
13th&Jackson Posted December 28, 2022 Report Share Posted December 28, 2022 4 hours ago, Seeking6 said: Another Anthony Leal post today. Kid is playing this thing absolutely perfect. Heading into the Real Estate world with Millican Realty in Bloomington. I mean this just plays itself out perfectly for him Leal Estate Group,etc.... Really happy for him. All because of NIL these kids get to pursue these opportunities. If he wants to be in the real estate industry, good for him. I worked as a real estate broker when I first graduated from IU and still hold a license. However, building a real estate business is very time consuming. It’s especially tough at that age because none of your peers are in a position to be home buyers. I can’t imagine being a full time student, a scholarship D1 athlete and trying to build a real estate business. Something has to take a back seat. 1 Quote Link to comment Share on other sites More sharing options...
Steubenhoosier Posted December 28, 2022 Report Share Posted December 28, 2022 19 minutes ago, 13th&Jackson said: If he wants to be in the real estate industry, good for him. I worked as a real estate broker when I first graduated from IU and still hold a license. However, building a real estate business is very time consuming. It’s especially tough at that age because none of your peers are in a position to be home buyers. I can’t imagine being a full time student, a scholarship D1 athlete and trying to build a real estate business. Something has to take a back seat. Agree, but having the fact that you wore the candy stripes opens a lot of doors 3 Quote Link to comment Share on other sites More sharing options...
13th&Jackson Posted December 28, 2022 Report Share Posted December 28, 2022 8 minutes ago, Steubenhoosier said: Agree, but having the fact that you wore the candy stripes opens a lot of doors True, after you graduate. If I’ve been outbid on three properties and my dream property hits the market, I’m not waiting for my broker to return from a road game in Lincoln. 1 Quote Link to comment Share on other sites More sharing options...
Purdue7 Posted December 28, 2022 Report Share Posted December 28, 2022 4 minutes ago, 13th&Jackson said: True, after you graduate. If I’ve been outbid on three properties and my dream property hits the market, I’m not waiting for my broker to return from a road game in Lincoln. When a double wide becomes available I move fast Quote Link to comment Share on other sites More sharing options...
13th&Jackson Posted December 28, 2022 Report Share Posted December 28, 2022 Just now, Purdue7 said: When a double wide becomes available I move fast You might be a redneck if your richest friend calls and asks you to come over and help remove the wheels from his house. 1 Quote Link to comment Share on other sites More sharing options...
Steubenhoosier Posted December 28, 2022 Report Share Posted December 28, 2022 29 minutes ago, 13th&Jackson said: True, after you graduate. If I’ve been outbid on three properties and my dream property hits the market, I’m not waiting for my broker to return from a road game in Lincoln. Lots of parents want to buy a place for their child to live in while in school, and rent to other students as well. Having a n active Hoosier as your realtor would be attractive to some of those people, I would think 3 Quote Link to comment Share on other sites More sharing options...
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