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.
Children who qualify as dependents. If your son or daughter is your biological child, stepchild, foster child, sibling, step-sibling, or a descendant of any of these individuals, you can claim him/her as your dependent, but the child canât turn 19 at any time during the tax year (age 24 if a full-time student).he child also has to live with you for more than half of the tax year and you have to provide at least half of the childâs financial support. When youâre figuring out the amount of financial support to claim on your taxes, donât forget that you can include a portion of housing expenses as well.