Tax & Dependents

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Tax Implications for Adding a Child as a Joint Account Owner to a Savings Account

aching your kids about savings is important. Helping them avoid unnecessary taxes is part of that. When you add a child as a joint owner of a savings account, she has access to funds you deposit. A joint account will have tax implications only if you deposit large sums of money ...

Do You Have to Be Legally Married to Claim Your Boyfriend on Your Taxes?

ing married has its benefits come tax time: not only can you file a joint return, you can also claim an additional exemption for your spouse. If you're not married, you can't file a joint return with your boyfriend. You might be able to claim him on your taxes as a dependent, ...

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 ...

What Is Considered a Tax-Deductible College Expense?

il biting and stress may abound at your home as teens await acceptance letters from one or more colleges. You may experience the same jittery nerves when the thought of tuition comes to mind. Fortunately, help awaits you and your budget at year-end when you prepare to file your ...

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 ...

Are a Child's SSI Payments Taxable?

though the Internal Revenue Service considers nearly all money a taxpayer receives as taxable income, a child’s Supplemental Security Income is one of the exceptions to that rule. SSI payments, to either adults or children, aren’t taxable, and aren’t reported ...

What Is the Amount a Working Child Can Make to Be Used as a Parent's Deduction?

e amount a child can make depends on whether you're claiming him as a qualifying child or a qualifying relative. The qualifying child requirements are less stringent than those for claiming a qualifying relative, but you can only claim your kid as a qualifying child until the ...

Can I Take My Grandchildren Who Live With Me as a Deduction?

aiming dependents on your tax return reduces your taxable income for the year, helping to increase your tax refund or at least decrease what you owe. Grandchildren meet the relationship test for claiming them as a dependent, but there are several other tests that must be met ...

The Tax Benefits for a Newborn Baby Child

e birth of a child is a life-changing event that can affect many aspects of your finances, including your income tax returns. The government offers tax exemptions and credits to the parents of dependent children, so having a baby can reduce your income tax liability. Children ...

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