Claiming dependents is one of the most effective ways to reduce your taxable income, but there are requirements and restrictions you should know about. If you want to save a little more on your taxes this year, learn more about claiming dependents, how m
itemized deductions are made up of a list of eligible expenses. You can claim whichever deduction reduces your tax bill the most. You are not allowed to claim both.
IRS standard deduction Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions...
Most people claimed as dependents are children or other relatives. However, you may also be able to claim an unrelated dependent, such as a domestic partner.
Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. Almost any relative can be claimed as a dependent for tax purposes. So can non-relatives such as foster children or domestic partners. But yo