IRS Dependent Laws
The Internal Revenue Service collects taxes in the United States from individuals and businesses. Individuals who are United States citizens or resident aliens may receive certain deductions or tax credits if they are able to claim one or more dependents on their tax return. The IRS has laws and rules regarding who qualifies as a dependent, whether the dependent must file taxes and eligibility for the Child and Dependent Care Tax Credit.
Qualifying Children
A qualifying child must be younger than the taxpayer and be the taxpayer's child, stepchild, brother or sister, stepbrother or stepsister, or a descendent of one of these. The child must be 19 years or younger to qualify or 24 years old or younger and a full-time student. If the individual is older, but is permanently disabled, he may still be eligible to be a qualifying child. The child must live with the taxpayer for at least six months of the previous year and the taxpayer must have provided at least half of the financial support for the child.
Other Qualifying Relatives
Relatives may also qualify as dependents if they meet certain qualifications. First, the relative must not be a child claimed as a dependent by another individual. Relatives that qualify for this may include stepchildren, nephews and nieces, parents and siblings. There is no age limit for qualifying residents. The individual must provide at least half of the financial support for the dependent and the dependent must not make more than $3,650 in gross income.
Child and Dependent Care Credit
Child and Dependent Care Credit is a tax credit to an individual who paid for childcare. To qualify for this credit, the child must be 12 years old or younger, or the dependent, if older, must have a physical or mental impairment that does not allow her to care for herself. In addition, the care that the individual paid for must be so that the individual could work or look for work. Finally, the caregiver may not be a spouse or another child.
Filing Requirements
Dependents may have to file a tax return if they meet certain conditions. If the dependent earns more than $5,700 or has an unearned income, such as interest payments, dividends or pensions, of $950 or more. There may be exceptions if the dependent is more than 65 years old or has a disability such as blindness.
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very very useful information, thanks for sharing,
BalasHapusregards
Advane Joseph