Qualifying Children as Dependents

Sandy Botkin
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Taxbot, deductr, deductor, deducter, taxes, business taxes, how to reduce my business taxes, business tax write offs, tax deductions, car tax deductions, sandy botkin, irs, irs auditQuestion of the week: My son, who graduated from college, lost his job last month and moved back home. Can we deduct him as a dependent?

Sound familiar?

Answer: You can if you meet the requirements. Generally, a dependent child can’t earn more than the personal exemption amount, which is $3,800 this year in 2012. However, this gross income limit doesn’t apply IF he or she is under the age of 19, OR is a full time student and under the age of 24. Moreover, you will need to show that you provide over half the support for the year. In meeting the support test, the value of the lodging and food that you provide counts in the computation.

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