Exemptions
What are two types of exemptions
Personal and Dependency
Who you can claim as a dependent?
A qualifying child or relative.
Can you file a dependent that is not related to you. What is the exception?
No unless you are the legal guardian.
What is the maximum age for dependency exemptions?
24 and a full time student by the end of the tax year.
What are the qualifications of the dependent?
They must be a U.S. Citizen, resident, U.S. national, or resident of Canada or Mexico.
If the person has lived with you for 3 months can you claim them as a dependent?
No.
What do exemptions do?
Reduce the income that is subject to tax.
Can a dependent be claimed on multiple tax returns.
No.
How much support can the qualifying child provide until they no longer can be claimed?
Less than half.
When can do you can claim an exemption for a dependent?
When they are claimed as a dependent on another tax return.
Can the dependent be older than you?
No.
How long must the child live with you for them to be a qualifying child?
More than half a year.
What are the 5 qualifying tests for a dependency exemption?
Age, relationship, residency, joint return, support.
What must the dependent‘s gross income be less than if they are a qualifying relative?
It must be less than 4,300.
For the child to be qualifying they must not be filing a…
Joint return