Who Really Qualifies as a Dependent for Taxes?
How many dependents do you really have? Who can really be counted as a dependent? These are some of the most common questions that all taxpayers have. Can you count all of your children, live-in help, or perhaps a dog or other family pet? What about a friend who decides to crash at your place and basically mooch off you the entire year; can he or she be counted as a dependent?
As far as the IRS is concerned, there are two different kinds of dependents but there are dozens of scenarios that can fall under these two categories. There are also different rules for each type. The first type of dependent is classified as a qualifying child. The second type is a qualifying relative.
A qualifying child must be related to you, either by birth or adoption, or be a step or foster child. You must also provide more than half of the child’s total financial support and you can be the only person claiming that child on your return. To be a dependent the child must also be 18-years-old or younger, or if he or she is a full-time student, younger than 24-years-old.
The rules for being counted as a qualifying relative are much different. First, if your relative is a blood relative then he or she does not have to live with you in order to be counted. However, he or she must not provide more than half of his or her own support and that person cannot make more than $4000.
For a person who is not a blood relative to qualify as a dependent – like a lifelong friend who is down on his/her luck, or just plain lazy, or even your significant other – that person must live with you the entire year and their income must be less than $4,000 for the entire year. No one else can claim the person and you have to provide more than half of his or her financial support.
3 Steps to Becoming a More Grateful Leader – Cultivate the Attitude of Gratitude
3 Steps to Becoming a More Grateful Leader – Cultivate the Attitude of Gratitude By Mike Rogers Teamwork and Leadership Bloggings Updated: 2/26/13 Having an attitude of gratitude is a leadership gift. It can have a positive impact on those you lead. People are often more motivated, for example, by those who show gratitude. In…
There’s no ‘I’ in ‘TEAM’
There’s no ‘I’ in ‘TEAM’ End internal competition today for greater success tomorrow By Mark Eaton Updated: 12/12/12 In the NBA, when anyone on the basketball team is playing for himself rather than the team as a whole, failure is eminent. In business, when anyone in the company has an ”I” mentality, it’s only a…
3 Things to Remember for Better Team Building Activities
3 Things to Remember for Better Team Building Activities By Mike Rogers Teamwork and Leadership Bloggings Posted: 3/1/11 Why do team building activities fail? Answer: Most lack planning. A leader, for example, decides that his or her team needs to be more cohesive. It is agreed upon that the team will do some team building.…
The Leaders Speech
Leaders as Teachers Updated: 11/13/2012 In life, we encounter many different people. Some leave lasting impressions that make us want to be better and to improve. These mentors teach us through their example. They lead not for fame and glory, but because they want to make a difference in the lives of those whom they…