Question: How much can my child earn and still be a dependent 2017? - What Are The Kargrandes?
Question: How much can my child earn and still be a dependent 2017?
Why? Because it could save you thousands of dollars on your taxes. For tax years prior to 2018, every qualified dependent you claim, you reduce your taxable income by the exemption amount, equal to $4,050 in 2017.
Can I claim my child as a dependent if she has income?
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Assuming you meet the income limits and don’t have dependents of your own, you can expect $1,800. However, adult dependents age 17 and older do not qualify for either payment and cannot claim them. This includes many college students, disabled Americans and elderly dependents.
Can I claim my 22 year old son on my taxes?
If your 20–year old child lives with you but isn’t a full-time student, you can‘t claim them as a qualifying child because they fail the age test. But as long as they don’t have income in excess of $4,050 and you provide more than half their support, you can claim him or her as a qualifying relative.
What is considered support for a dependent?
For the purpose of determining if someone is your dependent, total support includes the amounts spent to provide food, lodging, clothing, education, medical and dental care, recreation, transportation, and similar necessities.
In most cases, it makes perfect sense for a traditionally aged college student to remain a dependent for tax purposes. For example, some higher education tax credits are only available to moderate income earners. If parents earn too much to qualify, the student might be better off filing independently.
If they are, they may be your “Qualifying Child”. That is an easy test which you had to meet in year one of claiming the child as your dependent. The fact that they graduated from college doesn’t change your relationship. Residency – Your qualifying child must have lived with you for at least half the year.