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There are two types of dependents you can claim on your tax return.
1) "Qualifying child"
A qualifying child must be a) under 19 at the end of the year OR b) under 24 at end of the year and a fulltime student OR c) any age and permanently and totally disabled. A qualifying child must not provide more than half of his/her own support, but there is no limit on how much they may earn.
2) "Qualifying relative"
If a child cannot qualify as a qualifying child because of age, they can still be a qualifying relative. A qualifying relative can be any age, but there are some more severe restrictions.
You must provide more than half of the relative's support and the relative's gross income must be less than $3500.
Please refer to the chart at the top of page 11 of Publication 501 for a complete list of qualifications:
http://www.irs.gov/pub/irs-pdf/p501.pdf
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What is penalty for falsly claiming someone elses children on income taxes?
A large fine.An audit also.
If you earned income for the whole year while in a penal institution do you still file income taxes?
Sure. The fact that you were incarcerated does not exempt you from filing income taxes and paying tax on your income. It does prevent you from claiming many of the tax credits such as Earned Income Credit, Child Tax Credit as you cannot claim that you supported your children or that they lived with you during this time.
What is the age limit for filing taxes?
Requirements to file taxes is not based on age but income. If your income is below a certain amount, you do not have to file.
What age do seniors stop filing her taxes?
This is a common misconception, but there is no age limit on taxes. If you have taxable income and high enough income to require filing you must file your taxes.
At what age do you stop paying income tax?
There is no age limit on paying income taxes. It is based on your income. http://taxresolutionaries.blogspot.com
If had no annual income do you file taxes anyway?
No you do not have to file unless someone is claiming you as a dependent. Then file jointly with them.
How old do you have to be to stop filing income taxes taxes?
There is no age limit for filing income taxes in the United States. The only time you do not have to file tax returns is if your income falls below the minimum amount requiring you to do so.
How much do you get back on taxes for claiming another person?
An individual claiming another individual as a dependent on their taxes will receive a tax deduction of $3300. The amount that the individual will get back as a tax refund will be dependent upon the income of the taxpayer.
Can you claim taxes of grocery receipts?
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
How much do you receive for claiming a 5 month old infant on your income taxes?
A child provides a deduction. You don't 'receive' anything.
What is the most your spouse can make without you claiming her on your income taxes?
On your MFJ income tax return you do not have a choice about claiming your spouse. Your spouse would not be claimed as a dependent exemption on your MFJ income tax return. You have one exemption for each spouse on the MFJ income tax return and all gross worldwide income is combined on the married filing joint income tax return.
What is an offshore insurance company's income limit before it pays income taxes?
None, That's why it's offshore. The only reason to exist "Offshore" in international waters is to avoid jurisdictional obligations such as taxes and regulations.
