If you claim your daughter as a dependent on your income tax return, she cannot claim herself on her income tax return. If an individual is filing his or her own tax return, and the individual can be claimed as a dependent on someone else’s return, the individual cannot claim his or her own personal […]
You must file a return if any of the following apply. Your unearned income was more than $950. Your earned income was more than $5,700. Your gross income was more than the larger of — $950, or Your earned income (up to $5,400) plus $300.
Age is a factor in the qualifying child test, but a qualifying relative can be any age. As long as the following dependency exemption tests are met, you may claim him or her: Qualifying child ( 13 years) or qualifying relative test Dependent taxpayer test Citizenship or resident test Joint return test
Earned income Credit: You may be able to take the EIC if: Three or more children live with you and you earned less than $43,352 ($48,362 if married filing jointly). Two children live with you and you earned less than $40,363 ($45,373 if married filing jointly). One child lived with you and you earned less than […]
Students or parents paying tuition and other fees should keep receipts and be aware of some tax benefits that can help offset college costs. Typically, these benefits apply to you, your spouse, or a dependent you claim as an exemption on your tax return. American Opportunity Credit – This credit has been extended for an additional two years: […]