Tax & Dependents

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Shared Custody and a Child Care Tax Deduction

Divorce – particularly divorces involving children – typically complicates tax issues. Individual states determine their own divorce and custody laws, while the Internal Revenue Code, which governs taxes, is federal legislation. However, federal law supersedes state ...

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

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

When 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 ...

Tax Implications of a Child's Savings Account

Parents want children to have savings accounts in order to teach them the value of saving money, put aside funds for a car or pay tuition for college. A parent can't just put money into a savings account for a child, though. There are tax implications, for both parent and child, ...

Can I Claim My College Age Child on My Tax Return?

The federal tax exemption for each dependent is $3,800 as of the 2012 tax year, so it's understandable that parents want to continue claiming their children for as long as possible. Most college students still qualify as dependents, although the Internal Revenue Service does ...

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 Claim a Newborn on a Tax Return

Raising a child is estimated to cost a family approximately $235,000 over 17 years. The federal government has taken steps to alleviate the financial burden imposed by children by providing tax benefits for children. These tax benefits are available to families beginning in the ...

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 ...

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