Tax & Dependents

More in Tax & Dependents

Tax Credit for Dependents of Divorced Parents

Children 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. ...

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

Teaching 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 ...

How to Revise a Federal Tax Form for Dependent Claims

Internal Revenue Service Form 1040X amends your tax return to correct your filing status and earned income, as well as the deductions, credits and dependents you originally claimed. In instances where you discover you should revise miscalculations or submit documentation to ...

Head of Household Qualifications and Dependents

If you can qualify as head of household, you'll pay taxes on $2,750 less in income in the 2012 tax year, the difference between the $8,700 head of household standard deduction and the $5,950 deduction for single filers or married individuals filing separately. Qualifying isn't ...

Amount of Tax Credit for Adult Dependents

Although 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 ...

How Is a Dependent Verified on a Tax Return?

The more dependents you can claim on your taxes, the lower your tax bill is likely to be. The IRS allows you to claim an exemption for yourself, your spouse and for each dependent you support. Usually, your dependents are your children, but dependents may also be other children ...

Tax Breaks Parents Lose When Children Become 17

According 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 ...

Do I Claim My 19-Year-Old on My Taxes?

If you're like most parents, your love for your child knows no bounds, but you're also aware that he saves you money at tax time. The Internal Revenue Service acknowledges that raising your child costs a lot of money, and it allows you to claim a dependent deduction for him. The ...

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

The 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 ...

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