Money Matters

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

exemption

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...