THE INSIDE SCOOP Knowing Who You Can Claim as a Dependent
CLAIM AS A DEPENDENT
Either must be a qualifying child or a qualifying relative and today we are sharing the inside scoop on knowing who you can claim as a dependent.
QUALIFYING CHILD REQUIREMENTS
1. Your child (step, adopted, and foster kids count), sibling, or one of their descendent. 2.Younger than 19 and younger than you, younger than 24 (if they are a student) and younger than you, or permanently and totally disabled.
QUALIFYING RELATIVE REQUIREMENTS
1. Cannot be the dependent of someone else 2. Must be related to you or live with you 365 days 3. Their gross income must be less than $4050 4. You must provide them more than half of their support
ABOUT CLAIMING DEPENDENTS
Even if you are a dependent you may be required to file taxes depending on your situation. However, if you are claimed as a dependent you will only qualify for the standard deduction and not the personal exemption.
CLAIM THE EARNED INCOME TAX CREDIT
To claim the earned income tax credit (in most situations), you must have one qualifying child at minimum. However, they don’t have to pass the support test to do so. www.discoverit.typepad.com/blog/2016/11/knowing-who-youcan-claim-as-a-dependent-the-inside-scoop.html