Who Can I Claim as a Dependent?

March 12, 2018

Filing taxes can be a confusing process, which is why many Angelenos turn to tax advisors for help with preparation. One of the most important questions you can answer every April is the number of dependents in your household, as you can qualify for an income exemption for each person who depends on you for support. If you’re having trouble determining whether someone is a dependent, it’s best to ask a professional for advice. Here’s a brief look at the different types of people who make you eligible for exemptions.

Children

It takes a lot of money to raise a child, which is why the vast majority of dependents are children. While you might be entitled to get an exemption for the kids who live under your roof, they do need to meet some eligibility requirements:

He or she must live with you for at least half of the year.
Children must be no older than 18 years old, but dependency can extend up to 24-year-old adults who attend school full-time for at least five months out of the year.
Kids must be related to you as a son, daughter, foster child, stepchild, brother, sister, stepsister, stepbrother or be the descendents of any of these relatives.
Unless he or she is disabled, a child must be younger than you or your spouse.

Other Qualified Dependents

Kids aren’t the only people who qualify as dependents. If you have an adult who lives in your house all year while making less than $4,050 without being claimed as a dependent on someone else’s return, you can list him or her when you file with your Los Angeles tax preparation services.

Minimize Your Liability

While dependents can greatly reduce your tax burden, an experienced CPA could help you find other deductions. When it’s time to file your returns for the year, turn to the trusted Encino tax consultants at Wallace & Associates for an assessment of your situation. To set up a consultation, call our office at 818-995-2928 or contact us online today.