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.
But the extra expense of additional family members can put a financial strain on you. The rising costs of food, electricity, gas and water can all add up quickly. To help you get back on track, you might be able to claim these housemates on your taxes, just like your children, if they meet certain criteria. There are a few simple rules to help you decide who you should and shouldnât claim as a dependent: DO claim all children that were born within the tax year. Even if your child was born on December 31, they may be able to be claimed as a dependent on your taxes. DONâT claim a child that has lived with you for less than six months of the year.