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.
Filing Requirements. Your child is limited as to how he can file his own tax return if you can claim him as a dependent. If he meets all the IRS criteria as a qualifying child, he's your dependent, even if you don't claim him. Therefore, he can't claim a standard exemption for himself on his own tax return. If he's married, he can't file a joint return with his spouse unless it's only to claim a refund, and if neither he nor his spouse would have owed taxes if they had filed separately.