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.
Answers. Best Answer: As long as the child didn't provide over half of his OWN support for the year, you can claim him if he meets the other rules. There isn't a max amount they can earn. And yes they can file their own tax returns if you claim them, although they should check the box that says that someone else can claim them, and not take an exemption for themselves. Source(s):