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The IRS defines two types of people that you can claim as a dependent on your taxes: “qualifying children” and “qualifying relative.” A qualifying child does include anyone who is your ...
Come tax time, you want to claim as many deductions as possible on your return to lessen your tax burden. And that includes accounting for all the dependents you're entitled to claim. Read: 3 Ways...
Many people are surprised to learn that you can claim most anyone on your taxes as a dependent. It's true. Even if you aren't related, someone who lives with you for most of the year and who you're...
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
This is one of the top tax questions every year since it can be difficult to apply the rules to different living situations.
If your parents earn more than the allowable gross income for the tax year in question ($4,700 per parent in 2023), then they would not be eligible to be claimed as a dependent by anyone else.
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