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If your parents earn more than the allowable gross income for the tax year in question ($4,700 per parent in 2023), then they would not be eligible to be claimed as a dependent by anyone else.
Come tax time, you want to claim as many deductions as possible on your return to lessen your tax burden. And that includes accounting for all the dependents you're entitled to claim. Read: 3 Ways...
This form allows the custodial parent to release their claim to the child as a dependent, granting the non-custodial parent the ability to claim the child. Tax Benefits for Parents Claiming Dependents
This still remains the parent's choice. Provided the parent has lived with the child for at least six months and one day, the parent can always choose to claim his or her child for purposes of the earned income credit. In a tiebreaker situation between two unmarried parents, the tiebreak goes to the parent who lived with the child for the longest.
Services outside the home qualify if they involve the care of a qualified child or a disabled spouse or dependent who regularly spends at least eight hours a day in the taxpayer's home. Payments to a relative also qualify for the credit unless the taxpayer claims a dependency exemption for the relative or if the relative is the taxpayer's child ...
Under current law, minors under age 14 are taxed on their unearned income (i.e. passive income such as interest) at their parent's marginal tax rate. The provision increases the age of minors subject to this tax to those minors under age 18. The provision also provides an exception for distributions from certain qualified disability trusts.
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