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.
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.