Frequently Asked Questions About Claiming Dependents on Your Taxes
No. You can also claim your stepchild, foster child, siblings, half-siblings, step-siblings or any descendants of these relatives (your sister’s child that needed to stay with you temporarily). As long as you provide more than half of the financial support to that child and said child lived with you for more than half of the year in question, you can claim them as a dependent. The child does have to be younger than you, though.
Does It Have to Be a Child?
No. Those who don’t have the mental or physical capacity to care for themselves may be claimed for the duration of their lives. They must share your residence for more than half of the year and you need to have provided more than half of their financial support.
What If I Share Custody?
Check your court paperwork to be clear on the type of custody you have. If you have joint custody of a child with his other parent, the person who has physical custody of the child more than half the year gets to claim that child. Otherwise, the person with primary custody of the child gets to claim him, wherever he happens to spend his year.
How Much Do I Get?
When claiming a dependent on your taxes, you get a $3,700 deduction from your taxable income. Taxable income is anything you earned or received during the year that the IRS can take a percentage of. You can also receive additional deductions and credits associated with claiming a dependent based on the dependent’s age and relation to you, including the child care credit and higher education deduction.
More on Madame Noire!
- 7 Underrated Hollywood Actors
- Checking Your Baggage: Sorting Through Your Issues Before Settling Down
- Sisters In Hiding: Not So Famous Sisters of Famous Celebs
- President Obama Can Handle it, But I Can’t
- 8 Signs The Guy You’re Messing With Is NOT a Grown A** Man
- Traits of Trifling Parents
- He Loves Me: Men Who Just Adore Their Wives
- New Documentary Gets ‘In Our Heads About Our Hair’