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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
What else can I help you with?
What is penalty for falsly claiming someone elses children on income taxes?
A large fine.An audit also.
If I claim 2 dependents on my taxes, will I owe taxes?
Claiming dependents on your taxes can reduce the amount of taxable income you have, which may lower the amount of taxes you owe. However, whether or not you owe taxes depends on various factors such as your income, deductions, and credits. Claiming dependents alone does not determine if you will owe taxes.
If you earned income for the whole year while in a penal institution do you still file income taxes?
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.
What is the age limit for filing taxes?
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.
At what age do you stop paying income tax?
There is no age limit on paying income taxes. It is based on your income. http://taxresolutionaries.blogspot.com
If had no annual income do you file taxes anyway?
No you do not have to file unless someone is claiming you as a dependent. Then file jointly with them.
How old do you have to be to stop filing income taxes taxes?
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.
How much do you get back on taxes for claiming another person?
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.
Can you claim taxes of grocery receipts?
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.
Why are regressive taxes considered heaviest on low income taxpayers?
Regressive taxes, such as sales taxes or flat taxes, take a larger percentage of income from low-income taxpayers compared to high-income earners. This is because low-income individuals spend a higher proportion of their earnings on necessities, making these taxes a more significant financial burden for them. As income decreases, the relative impact of these taxes increases, leading to greater economic strain on lower-income households. Consequently, regressive taxes exacerbate income inequality and limit financial mobility.
How much do you receive for claiming a 5 month old infant on your income taxes?
A child provides a deduction. You don't 'receive' anything.
Will I owe taxes if I claim 2 dependents on my tax return?
Claiming dependents on your tax return may reduce the amount of taxes you owe, as it can lower your taxable income. However, whether or not you will owe taxes ultimately depends on various factors such as your total income, deductions, and credits.
