, you might wonder who can be claimed as a dependent. At a high level, you can only claim dependents who are either a qualifying child or a qualifying relative. But who is that really? Let’s dive into the details so it’s clear if your dependent qualifies so you can claim some tax...
Exemptions and Dependents:The publication provides guidelines on claiming exemptions and understanding who qualifies as a dependent, which can impact your tax liability. What is IRS Publication 501? IRS Publication 501, officially titled “Exemptions, Standard Deduction, and Filing Information,” is a c...
The Internal Revenue Service allows you to offset your tax bill with a credit for your qualified adoption expenses, as long as you meet certain eligibility requirements. To report your qualified adoption expenses, you'll use IRS Form 8839.
The deadline for most who are subject to this tax rule is Dec. 31. Here’s a quick RMD to-do list to help ensure you complete the task. As a bonus, there also are some suggestions on how to use the retirement money. Take out the mandated amount. Your traditional IRA or affected ...
Use it to report important changes, such as correcting your filing status, adding or removing a dependent, claiming tax deductions or credits you missed, or adding taxable income you forgot about. You typically must file an amended return within three years from the...
Who gets a copy of Form W-2? You’re not the only one who receives a copy of your W-2 form. Your employer must send copies of your Form W-2 to: The federal government Your state government (and your city and local governments) The IRS calls Form W-2 an informational return becaus...
What qualifies as a QSLP: A QSLP is a payment made by an employee to repay a qualified education loan. A qualified education loan is an indebtedness incurred by the employee to repay the qualified higher education expenses on behalf of the employee, the employee’s sp...
As a reminder, visa petitions can be filed up to one year in advance of the performance date. 2. For those of you who have Canadian musicians eligible for P-2 visas, we are receiving reports that Canadian AFM is experiencing a backlog in preparing filing petitions. This is in addition ...
You must be eligible for tax benefits to claim them. For instance, to qualify forhead of householdstatus, you must be unmarried, have a qualifying dependent who lives with you, and pay more than half of the household expenses for the year.4 Tax benefits foreducational expensescan only be cl...
To claim someone as a qualifying relative, they must meet certain criteria set out by the Internal Revenue Service (IRS). If you claim a qualifying relative, your dependent cannot claim their own dependents, cannot be married and file a joint return, and must be a citizen, national, or res...