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How much tax relief would my parents lose if I were no longer their dependants for tax purposes? They live together and would go from having two dependent children to one. Can anyone give an estimate of the amount they would lose as a result?
How much tax relief would my parents lose if I were no longer their dependants for tax purposes? They live together and would go from having two dependent children to one. Can anyone give an estimate of the amount they would lose as a result?
There is no standard answer to this question. It is different for every family. Simulate your parents' tax return on Tax-on-Web (because the actual benefit varies depending on the income of both your parents and the other tax deductions your parents claim). To do this, one of them must provide their eID, otherwise you will not be able to access the site. In addition to the tax benefit, the Flemish growth package from one of the two children will also lapse. You must take this into account as well.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.