At age 67, our 22-year-old retires and, according to Social Security, the 22-year-old can expect to get $80,000 a year in Social Security benefits. Now, keep in mind, that number is not adjusted for inflation, so thatâs about approximately the same as $25,000 a year today.
Even later in life, they may have to fall back on their parents. Usually when a parent provides most of a child's support, even if the child works, the parent can claim the child as a dependent, regardless of the child's age. When the child files his income tax return, he will not be able to claim his own exemption and may have a reduced standard deduction. But he can still claim many other deductions.
First and foremost, whether they are your child or your Valentine: â¢ You cannot claim them if you can be claimed as a dependent by another person. â¢ They cannot file a joint tax return (in most cases). â¢ They must be a U.S. citizen, resident alien, national, or a resident of Canada or Mexico.In order to claim a child as a dependent, these five additional tests must be met:â¢ Relationship: Must be your child, adopted child, foster-child, brother or sister, or a descendant of one of these (grandchild or nephew). â¢ Residence: Must have the same residence for more than half the year.irst and foremost, whether they are your child or your Valentine: â¢ You cannot claim them if you can be claimed as a dependent by another person. â¢ They cannot file a joint tax return (in most cases). â¢ They must be a U.S. citizen, resident alien, national, or a resident of Canada or Mexico.