Tag Archives: dependents
If you are claimed as a dependent on someone else’s tax return, you still may be required to file your own return. To determine whether or not you need to file, consider the following definitions and how they relate to you: Unearned Income – is any taxable interest, ordinary dividends, and capital gains distributions you […]
— Read moreIf you want to claim your child as a dependent, in most case the child will have to have lived with you for most (over 50%) of the year. Otherwise, the person with whom the child resided, in most cases the parent with legal custody, is the person entitled to the dependent child claim. You […]
— Read moreDid you know that in some cases, federal tax guidelines allow you to claim children as dependents up to 23 years of age? Typically you can claim children under 19 years old, although there are different guidelines for full-time students. Any child under the age of 24 that is a full-time student may be claimed […]
— Read moreIf you’re a parent and you have to work, there a pretty good chance you have to pay for the care of your child during working hours. This can get pretty expensive, but thankfully there is a tax credit that can help offset the cost of childcare services. The Child and Dependent Care Credit is […]
— Read moreTo get a little extra cash back this tax season, consider the benefits you may be eligible for by claiming children or adult relatives as dependents. For each dependent you claim that qualifies, you get a personal exemption, and depending on the age and relationship of the dependent, you may be eligible for additional tax […]
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