Business & Finance Taxes

Can I Electronically File My Kids on My Taxes if Someone Else Has Already?

    Qualifying Children

    • Your child has to meet several qualifications to be considered your dependent for tax filing purposes. The first qualification aspect has to do with the relationship between yourself and the child. Biological, adopted, foster and step children all count as your child. Your child has to live in the same home that you do for a minimum of six months out of the year. In addition, a child can only be claimed as dependent while he is younger than 19, younger than 24 if a student or all ages if he is disabled. The child cannot pay for more than half of his essential support to be considered dependent.

    Claim Benefits

    • Each qualifying child gives you an additional personal exemption, which reduces your tax liability. Other deductions and credits related to children include the child care tax credit and the earned income tax credit. The claim benefits only go to the parent claiming the qualifying child in a particular tax year.

    Claim Restrictions

    • Only one parent is capable of claiming a child, and the Internal Revenue Service performs audits on tax returns when multiple individuals are claiming the same children. Generally if someone else has claimed your children as dependents, you are not going to be able to claim them the same year unless the other individual is not qualified to claim the children. You may be able to file electronically and get your return in before a paper filed return, but that is not a guaranteed method.

    Forms

    • If you want to choose which parent claims the deductions and exemptions, even when one parent is not the primary custodial parent, Form 8332 is filled out by the parent with primary custody. This waives the custodial parent's right to claim the children on the tax return, so that both parents can alternate the deductions and credits claim per year.

SHARE
RELATED POSTS on "Business & Finance"
Five Lethal Bloopers Taxpayers Make
Five Lethal Bloopers Taxpayers Make
How to Organize Your Tax Documents
How to Organize Your Tax Documents
What Happens if I Didn't File My Taxes Last Year?
What Happens if I Didn't File My Taxes Last Year?
Easy Guide to Making the Most of Your ISA Allowance
Easy Guide to Making the Most of Your ISA Allowance
A Plan For Making Tax Preparation Less Painful
A Plan For Making Tax Preparation Less Painful
Are PSHCP Premiums Tax Deductible?
Are PSHCP Premiums Tax Deductible?
About IRS Income Tax Deductions
About IRS Income Tax Deductions
Tax Planning For Both Domestic And International Transactions
Tax Planning For Both Domestic And International Transactions
How to Cash a Joint Income Tax Return Check
How to Cash a Joint Income Tax Return Check
What Happens to Delinquent Property Taxes When the Owner Dies?
What Happens to Delinquent Property Taxes When the Owner Dies?
How to Search for an Applicant's DEA Number
How to Search for an Applicant's DEA Number
How to Report Income From Teaching Childbirth Classes
How to Report Income From Teaching Childbirth Classes
Tax Tips: Dealing With Partnership Income
Tax Tips: Dealing With Partnership Income
Calculation of the Alternative Minimum Tax - Property Taxes
Calculation of the Alternative Minimum Tax - Property Taxes
Seeking Help Of Property Tax Attorney And Valuation Tax Attorney In Texas
Seeking Help Of Property Tax Attorney And Valuation Tax Attorney In Texas
Tax Attorneys to Guide You in the Right Path
Tax Attorneys to Guide You in the Right Path
The Best Tax Free Investment
The Best Tax Free Investment
IRS tax relief- if you cannot pay your tax debt
IRS tax relief- if you cannot pay your tax debt
Can You Be Claimed as a Dependent for Tax Returns if You Are 18 Years and Above?
Can You Be Claimed as a Dependent for Tax Returns if You Are 18 Years and Above?
Mast Cell Tumors In Dogs - Know Your Dog\' s Lumps And Bumps
Mast Cell Tumors In Dogs - Know Your Dog\' s Lumps And Bumps

Leave Your Reply

*