Money Matters

Accounting, taxes, and more. Your financial questions answered.

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Wednesday, 08 February 2017

Is Your Dependent Really Your Dependent?

Taxes

You help your son pay for his college tuition, but is he really your dependent? The IRS defines a dependent as a qualifying child or qualifying relative for whom you can claim a tax exemption. If you financially support a child or a relative, you may be able to claim them as a dependent on your tax return, provided that they meet all requirements b...