If you have a child and you’re preparing your taxes, then you probably already know that, in most cases, you can
claim them as a dependent in order to receive a tax credit (of $1000 per child). However,
if it was that black-and-white, then everyone who had kids staying with them
for more than a couple of weeks at a time would be trying to get the deduction. In order
to actually (and legitimately) qualify, there are several specific things that you need to
know. If you’re wondering what those are, here’s a list:
They must be a citizen of the United States. This one might seem
like a given, but with more and more people adopting internationally, it’s actually a good
thing to know beforehand so that you can get the proper paperwork in order.
They must be related to you. This can mean that they’re your son
or daughter by birth, your adopted child, your stepchild or even your foster child. Or, they
can be your brother or sister, niece or nephew or you’re their grandparent. Bottom line, it
must be a family member or a foster situation.
They must not be married. Being that to the IRS, a child is
considered someone who is under the age of 17, this one might seem a bit odd, but the
truth of the matter is that sometimes teenagers getting married really young. If that’s
the case with your child and they are claiming their spouse on their own taxes, then you
can’t claim them as a dependent (even if they live with you).
They must not be (totally) financially independent. A lot of older
teenagers have part-time jobs, but if the child living with you is supporting themselves
financially by more than 50 percent, you are not able to get a tax credit.
They must not be claimed by another [Read more…]
