Tax & Dependents

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Difference Between Personal Exemption & a Dependent

Personal exemptions and dependent exemptions both reduce your taxable income. As of 2011, each personal and dependent exemption reduced taxable income by $3,700. Although both types of exemption are worth the same dollar amount, the Internal Revenue Service applies different ...

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

Each 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 ...

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

Claiming 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 ...

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 law, and ...

What Relative Can Be Claimed As a Dependent for Your Tax Return?

You are allowed one exemption one exemption for yourself, one for your spouse if you are filing jointly, and one for each relative you can claim as your dependent. As of 2012, each exemption you claim represents a $3,800 deduction from your taxable income. All dependent ...

Are a Child's SSI Payments Taxable?

Although 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 when a child ...

What Is Considered a Tax-Deductible College Expense?

Nail 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 ...

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

The 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 ...

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 ...

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