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.
Claiming a child on your tax return can lower your taxes and raise your refund. You can claim a âqualifying childâ or âqualifying relativeâ as dependent. A âqualifying childâ can also be claimed for the EITC (Earned Income Tax Credit).There are 3 ways that claiming a child can help on your taxes.ï· A child can be your dependent and give you a âdeduction.â This is subtracted from your income before your taxes are figured.Lower income means less tax. âqualifying childâ can also be claimed for the EITC (Earned Income Tax Credit). There are 3 ways that claiming a child can help on your taxes. ï· A child can be your dependent and give you a âdeduction.â This is subtracted from your income before your taxes are figured. Lower income means less tax.