Today’s questions from TJMS listeners address tax filing and dependents.
If you’re filing taxes with dependents, why not wait until April?
Although we file taxes in April, we pay taxes year-round. Last year each dependent was worth a $3,700 exemption—and if you can claim a dependent, that could alter your paycheck withholding status. In other words, it’s information that can help right now.
If my husband adopted my son, what are the tax implications? What about grandparents raising grandkids. Are those "our" children in the eyes of the IRS?
A qualifying child is the first and most important kind of dependent. Big picture: if a minor lives with you and you consider him or her your dependent, the chances are good the IRS agrees. Qualifying children can be biological children, stepchildren, adopted children, foster children, siblings, or descendents of the above—grandkids, nieces, nephews. They must meet age requirements—under the age of 19 at year-end, or under 24 and full-time students, or permanently and totally disabled of any age.
What does the IRS mean by “live with you?” How much of the year?
Good question, because only one taxpayer can claim a given dependent. So if children live with you for more than half the year and you provide more than half their support, they’re your dependents. If it’s more complex—such as a 50/50 custody split there are tie-breakers for who gets to claim the dependent child. So, the answers are probably yes and yes: so long as you are not filing separately and claiming the son, the husband can claim him. The grandparents can pat themselves on the back and claim their grandchildren as dependents.
Do fathers paying child support get a tax break?
The same rules apply. If a father paying child support lives with the minor child for more than half the year and pays more than half the expenses for a child, he may be able to claim the child as a dependent. Otherwise, no—and so for most fathers paying child support, the answer will be no.
Can you claim your 80 year-old elderly parent a dependent for tax purposes?
The other type of dependent besides a qualifying child is a qualifying relative. The interpretation of relative is pretty broad, but they start with a big restriction: qualifying relatives cannot be qualifying children, because you can’t be both and children come first. Other than that adult offspring, parents, or siblings do count. Plus the parents and offspring of offspring, parents, and siblings count—grandkids, grandparents, nieces, uncles, and so forth.
That covers the “relative” part—what about them being dependents?
The important thing is they’ve got to truly depend on you. They can’t earn more than $3,700 per year, because then they have to file their own taxes. Similarly, they can’t be filing jointly as a spouse because then they are filing on their own. As with kids, you have to provide a majority of their support—more than 50%—and they have to live with you more than half the year. They also have to be a citizen or resident alien of the U.S., Canada, or Mexico.
So those taking care of their elderly parent have dependents?
That’s right. And note they don’t have to be elderly or infirm to qualify. The rules can be thorny, but at the end of the day the policies make plenty of sense. If a family member lives under your roof and you pay the vast majority of their way, chances are you can claim them as a child or a relative. Still, it’s always wise to double check the IRS website or your electronic tax preparation software to make sure.
If you have questions for Mellody Hobson, text them to “646464” (OHOHOH).
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This Week’s Celebrity Instagrams (10/15-10/21)
31 photos Launch gallery
1. Just a NY girl with BIG dreams....
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2. HAPPY CHILDREN=QUALITY PARENTING. We don't always see eye to eye on everything and that's normal. We're human beings. But we come together and do it right for what's important, the kids. We are not enemies, we are parents. And we are parents 1st. S/O to @monyettashaw for making Mason's bday memorable. S/O to @itscrystalsmith at home taking care of our other lil' Prince. ❤️❤️❤️ THIS IS WHAT CO-PARENTING LOOKS LIKE. #Blessed #Happy #AboveTheDrama #BiggerThanUs
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3. So happy to finally be able to share with you all that I’m the new Global Brand Ambassador for @Revlon! Follow my day on RevlonSnaps. Yay! Choose Love, Everybody! #RevlonXCiara #chooselove #ad
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4. Glam on point!!!@makeupbymotoko & @shaylinjoneshair #easybreezy @lifetimetv #beachesmovie #january2017 😘
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5. ✨True love ✨📸: @jessiemarrerophotography
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7. Today was not easy..but by the grace of God we all got through it. Words cannot express our gratitude for all of your Prayers, Positive thoughts and Support for us throughout the years. Tommy will be missed but most certainly never forgotten...And PLEASE don't ask "Where's Martin?.." he was there too...just not in this picture. Lol! God bless you all.. #LoveConquersAll #MartinShow
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9. West coast get ready for #RockyHorror. I will be live tweeting again. #letsdothetimewarpagain
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10. #THEKEYS pre order yours now ... Available everywhere #NOV22 #WeTheBest 🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑
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11. We about to ROCK at #KCABlackBall!! All for our life-changing effort to end 🌎 AIDS.
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12. Today's #SNAPJACK is brought to you by @yazzthegreatest 😂😂😂💋💋💋
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13. Damn girl you kinda old to be headed to the Go Go. You coming in at the age they leaving. LMAO
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14. Daddy daycare B-Boxin with @acewellstucker @shopraisingace
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15. #FBF Naviyd & URV "LIL MONSTERS"
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16. HAPPY BIRTHDAY TO ONE OF THE BIGGEST LEGENDS IN OUR HIPHOP HISTORY! @snoopdogg CONTINUED BLESSING AND LOVE FAMILY!!!!! REAL OG!
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17. Thank you for a beautiful night VSU! Let's do it again! #HOMECOMING
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18. Had a great time this morning with my familia Erica, Griff & Truth!!
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19. Check out my interview on @essence facebook live. #inmyownwords #nycpromo #day2
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20. #She💋 #tbt #TheCoveAtTheAtlantis #DawgPawsAndAll
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21. Bae #retailtherapy
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22. Why me and @coryhardrict got the same pose... and notee... new mouth #naked
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23. When my husband is my personal 'hype-man'! it kills me every time! 💜😂 #WHATNOW #lostfiles📷
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24. Diggy Simmons
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25. Hand full of @jacquieaiche 💙💎💍 @esnail_la 💅🏾
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26. SuperSoulers! You can watch my interview with Carl Lentz live from my Facebook page, tomorrow at 11a ET| 8a PT. #SuperSoulSunday
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27. 💋 .. When the friendship is easy like Sunday morning. ☀️
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28. Sunday mornings are the best........... hugs and cuddles with my angel
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29. #huggar16 #hellohuggars
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30. My gym is everywhere!.. #RnBMoney #TheGeneral 📸: @twelvepastseven
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31. Nothing I would rather be doing... Rocko setting up our movie, Romelō working on a puzzle & Laiyah singing and sharing all she's learning at school... I'm so grateful for the joy they've brought into my life ... Praying for peace , joy & love in the home of EVERY family ♥️ #HeadScarfPJSunday LOL 😂
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