Tax & Dependents

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How Much Money Can You Give Each Year to Your Child Under IRS Law?

e short answer to the question is "as much as you like." The IRS sets no cap on the total amount of money you can give your child each year. However, there are tax consequences for gifts over a certain amount, and the IRS imposes a lifetime $5.12 million gift tax ...

Can I Have Both FSA & a Child Credit?

eryone paying child-care expenses can appreciate the value of shelling out less money. Reclaim part of your paycheck by taking advantage of all the tax benefits you can. A child-care flexible spending account and the child-care tax credit can help reduce some of this financial ...

Tax Breaks Parents Lose When Children Become 17

cording to the U.S. Department of Agriculture, the cost to raise a child from birth to age 18 for a middle-income, two-parent family was $226,920 as of 2011, not including college expenses. That was an increase of 40 percent over the previous 10 years. To help offset these ...

Can I Deduct My Granddaughter's College Costs From My Income Tax?

e satisfaction of helping your granddaughter attend college has its own rewards. But with rising college costs, a few extra dollars at tax time can be a big help in covering the expenses. The federal government offers several income tax breaks for those who pay college tuition ...

Can I Take a Federal Tax Deduction for My Son While He's Away at College?

ch exemption that you claim allows you to deduct a certain amount from your taxable income for the year. For example, in 2012, claiming your son who is away at college as your dependent would reduce your taxable income by $3,800. However, to claim him, he has to meet either the ...

Can I Deduct College Tuition If a Spouse Pays But I Have the Child Deduction?

en you and your spouse share responsibility for supporting a child but file separate tax returns, it's not always clear how the various deductions and credits should be divided at tax time. This can be especially true when the child begins college and the tuition bills begin to ...

Amount of Tax Credit for Adult Dependents

though most dependent tax credits are claimed by parents who care for a child, some situations enable you to claim an adult as a dependent. There are several qualification requirements that the Internal Revenue Service imposes, but if the dependent qualifies, claiming an adult ...

Tax Credit for Dependents of Divorced Parents

ildren can save their parents some significant money at tax time. As of 2012, each child who qualifies for a dependent exemption takes $3,800 off your taxable income. Beyond that, your children can help you qualify you for several tax credits, which is especially advantageous. ...

Can a Married Person Filing a Joint Return Be Claimed as a Dependent?

e IRS allows you to claim a dependent exemption for your qualifying child or qualifying relative who lives with you, to reduce your tax burden. In certain circumstances, you can claim a person as a dependent even if she is married and files her own joint return. In order for you ...

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