Our 67-year-old now starts to pay, starts to receive from Social Security, and the amount that the person could expect to receive from Social Security drops down. It drops down because of the probability of the person being alive. Social Security, unlike private retirement funds, is subject to a 100 percent estate tax.
You can't claim a dependent at all if you qualify as someone else's dependent. For example, if you're younger than 24, go to school full-time, and if you lived with your parents half the tax year and contributed less than half of your own support, you can't claim your child under any circumstances.
However, an exception is made for the birth of your child. You can claim your baby as a dependent for the tax year as long as the baby was born in that tax year. For example, you could claim your baby on your taxes for 2015 and subsequent years if she was born on Dec. 31, 2015. However, if the baby was born on Jan. 1, 2016 or after, you could only claim her for the 2016 tax year and beyond. In order to claim your baby as a dependent, she needs to have a Social Security number.