There are two types of dependents you can claim on your tax return.
1) "Qualifying child"
A qualifying child must be a) under 19 at the end of the year OR b) under 24 at end of the year and a fulltime student OR c) any age and permanently and totally disabled. A qualifying child must not provide more than half of his/her own support, but there is no limit on how much they may earn.
2) "Qualifying relative"
If a child cannot qualify as a qualifying child because of age, they can still be a qualifying relative. A qualifying relative can be any age, but there are some more severe restrictions.
You must provide more than half of the relative's support and the relative's gross income must be less than $3500.
Please refer to the chart at the top of page 11 of Publication 501 for a complete list of qualifications:
http://www.irs.gov/pub/irs-pdf/p501.pdf
A large fine.An audit also.
Sure. The fact that you were incarcerated does not exempt you from filing income taxes and paying tax on your income. It does prevent you from claiming many of the tax credits such as Earned Income Credit, Child Tax Credit as you cannot claim that you supported your children or that they lived with you during this time.
Requirements to file taxes is not based on age but income. If your income is below a certain amount, you do not have to file.
Seniors typically do not stop filing taxes based on age alone. They must still file taxes if they meet certain income thresholds or have other specific tax filing requirements set by the IRS. It's recommended to consult with a tax professional or the IRS guidelines to determine if a senior needs to file taxes.
There is no age limit on paying income taxes. It is based on your income. http://taxresolutionaries.blogspot.com
No you do not have to file unless someone is claiming you as a dependent. Then file jointly with them.
There is no age limit for filing income taxes in the United States. The only time you do not have to file tax returns is if your income falls below the minimum amount requiring you to do so.
An individual claiming another individual as a dependent on their taxes will receive a tax deduction of $3300. The amount that the individual will get back as a tax refund will be dependent upon the income of the taxpayer.
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
A child provides a deduction. You don't 'receive' anything.
On your MFJ income tax return you do not have a choice about claiming your spouse. Your spouse would not be claimed as a dependent exemption on your MFJ income tax return. You have one exemption for each spouse on the MFJ income tax return and all gross worldwide income is combined on the married filing joint income tax return.
None, That's why it's offshore. The only reason to exist "Offshore" in international waters is to avoid jurisdictional obligations such as taxes and regulations.