Are you a tax guru?
I'm in college and just got my stimulus. I had a few questions about claiming children on taxes...
What is the advantage of claiming a child on your taxes?
And is there an age limit where you can not claim your child anymore or it will not help your taxes? (IE your 65 and your child is 37)
What is the advantage of claiming a child on your taxes?
And is there an age limit where you can not claim your child anymore or it will not help your taxes? (IE your 65 and your child is 37)
"It's Microsoft versus mankind with Microsoft having only a slight lead."
-Larry Ellison, CEO, Oracle
Studying: SCJA
Occupation: Information Systems Technician
-Larry Ellison, CEO, Oracle
Studying: SCJA
Occupation: Information Systems Technician
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Mishra
Member Posts: 2,468 ■■■■□□□□□□
Claiming a dependent (child) gives you an overall reduction on the actual amount of taxes you have to pay. The more dependent's you have the less you have to pay in taxes. You also have access to different kinds of prorgams like the family medical leave act and such.
To be a qualifying child, the child must be under age 19 at the end of the year or under age 24 and a full-time student.