Can I Claim a Child on Income Taxes if She Is Receiving Survivors Benefits?
The Internal Revenue Code sets forth a list of requirements that you must satisfy to claim a child as your dependent. None of these conditions automatically makes you ineligible to claim her just...
View ArticleFederal Tax Liability of Dependent Minors
When claiming your child or other minor as a dependent, you may have the responsibility of ensuring that a separate tax return is filed for him in years he has income. The tax rules that govern when a...
View ArticleClik here to view.
How Much Do You Get for Claiming a Dependent When Filing Tax Returns?
In addition to all of your other tax deductions, the Internal Revenue Service lets you exclude a certain portion of your income from your taxes for simply being a member of society. These exemptions...
View ArticleClik here to view.
Are Custodian UGMA Accounts Taxable on a Parent's Income Taxes?
Custodian accounts opened under the terms of the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act are taxable on your child's income taxes. However, if your child earns too much...
View ArticleClik here to view.
Can I Have Both FSA & a Child Credit?
Everyone paying child-care expenses can appreciate the value of shelling out less money. Reclaim part of your paycheck by taking advantage of all the tax benefits you can. A child-care flexible...
View ArticleClik here to view.
Are VA Survivor Benefits Taxable?
The spouse and dependents of a decreased veteran can apply for Veterans Administration survivor benefits. Beneficiaries can go to the VA website and apply online. Once approved, the VA provides...
View ArticleClik here to view.
How Much to Transfer Stocks to My Kids?
Transferring stock to your kids can carry a range of different costs for you or your children. The Internal Revenue Service may impose gift taxes on large transfers and could tax you if you sell the...
View ArticleClik here to view.
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...
View ArticleCan Unmarried Couples Living Together Claim the Head of Household if They...
When it comes to filing your taxes, everyone wants as low a tax bill as possible to maximize refunds. For unmarried couples living together, taxes can be lower if both are filing taxes as head of...
View ArticleClik here to view.
The Tax Benefits for a Newborn Baby Child
How much you get back in taxes for a newborn will depend on whether your baby was born in 2017 or 2018, along with your adjusted gross income. The new tax law did away with dependent exemptions, but...
View ArticleClik here to view.
Can I Claim My College Age Child on My Tax Return?
Claiming college students as dependents on your income tax return applies to parents as well as other qualified relatives. The child must be a full-time student under the age of 24 who meets IRS...
View ArticleClik here to view.
Do You Pay Tax on Your Child's College Pell Grant?
A Pell Grant is taxable to the student receiving the grant, rather than the student’s parent. However, it won’t count as taxable income for the student either, as long as your child meets certain...
View ArticleClik here to view.
How Much Money Can You Give Each Year to Your Child Under IRS Law?
You can give generous tax-free cash gifts to your children under 2018 law, including up to $15,000 annually and up to $5.6 million during your lifetime. If you exceed the annual limit, any overage is...
View ArticleClik here to view.
Tax Benefits for Parents of Children With Learning Disabilities
If you have children with learning disabilities, you'll want to know about the ADHD and dyslexia tutoring tax deduction. Some other eligible expenses that you can deduct on your federal taxes include...
View ArticleClik here to view.
Tax Breaks Parents Lose When Children Become 17
There is no tax credit for a 17-year-old child, but you can claim your child until they turn 17 for the Child Tax Credit, as long as you meet income guidelines. The credit amount has doubled for 2018,...
View ArticleClik here to view.
Can a Grandmother Take the Earned Income Credit for a Grandchild?
As a grandmother, claiming grandchildren on your taxes may be possible if you qualify for the Earned Income Credit (EIC) low-income tax benefit. Your taxable earned income must not exceed IRS or state...
View ArticleClik here to view.
Difference Between Withholding on 3 or 4 Dependents on 60k
Working out your withholding can be one of the most difficult parts of filling out a W-4. As the tax tables and life circumstances change, it only complicates things. Salaries can also increase from...
View ArticleClik here to view.
Can I File Head of Household if I Am Married but Have a Dependent and Pay...
Even if you’re not a single person, you might still qualify to use the head of household filing status if you meet certain requirements to be considered unmarried for tax purposes. If you qualify, you...
View ArticleClik here to view.
What is the Benefit of Filing Married Vs. Separate for the Child Tax Credit?
Under the married filing separately rules, a parent will receive just half of the Child Tax Credit for which they are eligible when married filing jointly. Overall, most couples will benefit more from...
View ArticleClik here to view.
Can a Married Person Filing a Joint Return Be Claimed as a Dependent?
Regardless of the spelling of dependant versus dependent, each one you claim can save you additional money on your income tax return. But, the rules get more complicated if you’re claiming a dependent...
View Article
