TAX DEDUCTIONS ON CHILDREN & DEPENDENTS
If you provide support for an individual, you can possibly reduce your tax liability by claiming that individual as a dependent. To do so, the following guidelines must be met:
- the dependent must be a relative or living in your home for the entire year
- you must have provided over half of the dependent's support for the year
- the dependent must has a gross income of less than $3050
- the dependent has not filed a joint tax return with their spouse
- the dependent must be a U.S. citizen with a valid SSN
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