{"id":684,"date":"2015-11-26T12:47:43","date_gmt":"2015-11-26T17:47:43","guid":{"rendered":"http:\/\/www.etax.com\/blog\/?p=684"},"modified":"2015-11-19T12:49:21","modified_gmt":"2015-11-19T17:49:21","slug":"being-a-parentxtra-rewarding","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2015\/11\/26\/being-a-parentxtra-rewarding\/","title":{"rendered":"Being a Parent Can Be Extra Rewarding"},"content":{"rendered":"

Taxes can be difficult to prepare on your own, and as a parent, the addition of dependents can make things even more difficult. However, by claiming your child(ren) as a dependent, you become entitled to a variety of tax savings from the government. In order to maximize your benefits as a parent, follow these tips<\/a>:<\/p>\n

Tax Form<\/u><\/strong><\/p>\n

You aren\u2019t able to use the simple version of the standard tax form, the 1040-EZ. Instead, you\u2019ll have to use the original Form 1040. You may need additional forms if you seek to claim education credits or deductions for your child\u2019s college education costs that you have paid throughout the year.<\/p>\n

Filing Status<\/u><\/strong><\/p>\n

You likely won\u2019t have any reason to file as single if you are a parent and supporting a dependent. If your child resided with you for over half of the year and you paid for over 50% of the child\u2019s living expenses, then you\u2019ll benefit from filing as married (single or joint depending on situation), head of household, or widower.<\/p>\n

Exemptions<\/u><\/strong><\/p>\n

Children under age 19 who live with you are eligible for an exemption that you can claim on your tax return if they are your dependent. This includes stepchildren and children who have been legally adopted. Those who are physically or mentally disabled throughout the year can be claimed as your dependent, no matter how old they are.<\/p>\n

Dependent<\/u><\/strong><\/p>\n

Your child qualifies as a dependent provided you supply support and housing for the child. You are no able to claim a child as a dependent if any of the following are true:<\/p>\n