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There are four items to be met:
1. Relationship - Are they related to you? Yes, as a grandchild.
2. Residency - They live with you more than 50% of the time.
3. Age - They are under 19 years old (or 24 if enrolled full time in school for at least 5 months) at the end of the year.
4. Support - They do not cover more than 50% of their own costs (working or investment income).
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∙ 11y ago
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Do I need to pay taxes on an insurance claim payment?
No, the insurance settlement is considered compensation for a loss, not income.
Do you need permission from someone to claim them as a dependent on your taxes?
Unlikely as they would usually be minors or disabled. You do need to prove that you provided more than 50% of their care and upkeep.
Do you need to claim anything on your taxes for your 403b?
For contributions, no, unless you exceeded one of the annual maximums. For distributions, yes, you should have gotten a 1099-R.
Why does government need taxes?
the government need taxes to keep the country running
How do you claim your taxes with your cosigner?
AnswerYou probably need to explain your question differently.Taxes do NOT have a cosigner, per se, loans do. Taxes may be filed jointly (together) between spouses, which is basically a matter of both including all there financial info together - combined - on the return. They are treated as one.
Narrative document?
A narrative document must accompany claim to describe nature and extent of the need of service or procedure.
Do you need to file your auto insurance claim with your taxes when filing them?
Your auto insurance claim has nothing to do with filing your income taxes. You file your auto claim by notifying your agent right when the incident occurs so they can start working on the claim as fast as possible.
What document insurance co need to process stolen auto claim?
Typically they need a police report.
How to set up irrevocable trust for grandchild?
To set up an irrevocable trust for a grandchild, you typically need to work with an estate planning attorney who can help draft the trust document. You will need to fund the trust with assets, choose a trustee to manage the trust, specify the terms of the trust, and designate your grandchild as the beneficiary. Once the trust is established, the assets will be managed according to the terms you set forth for your grandchild's benefit.
Does a seven year old need to pay taxes on an insurance claim?
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Can my mom claim my kids on her taxes if she is on social security and working?
if she is supporting the children, their guardian or foster parent she can claim them. She pays taxes on her income and the children are part of deductions. This is something you need to discuss with her and a tax expert.
Do I need to pay taxes on an insurance claim payment?
No, the insurance settlement is considered compensation for a loss, not income.
Can you claim head of household if you rent?
Sure, but you really need to get some specific tax advice: are you talking about state taxes, or federal taxes. They really are diffierent.
If i have custody of my children and the reside with me can the father claim them on his taxes?
At one time in The United States whoever paid 51% of the children's expenses could claim the children as dependents on their taxes. You will need to check the latest tax laws wherever you are.
How do I file taxes on income I made as an Adult home care aid?
You need to claim your income as being self-employed
Do you need permission from someone to claim them as a dependent on your taxes?
Unlikely as they would usually be minors or disabled. You do need to prove that you provided more than 50% of their care and upkeep.
If I just started my 401K through my company in June of 2008 and have not touched it do I need to claim it on my taxes?
Hello. As long as the funds are still held within the 401k, you are not required to report any taxes on it. Thanks.
