In cases of divorce or separation, the custodial parent typically gets to claim the child as a dependent. However, sometimes the noncustodial parent can claim a child as a dependent if the custodial parent signs a written declaration that he or she won’t claim the child as a dependent. The child must have lived with you for more than ...
Whether or not you have to pay inheritance tax depends on the state you live in, the size of the inheritance and your relation to the deceased. At the federal level, there is no tax on inheritances, but there is a federal estate tax on larger estates, which the estate, not the recipient, pays. Some states do charge an inheritance tax, ...
If you did work during the year at some point, however, you have “earned income” and can potentially qualify for a tax credit. Prior to 2018, the Child Tax Credit was a nonrefundable credit that you could supplement with the Additional Child Tax Credit, which was refundable. With the change in the tax law for 2018 through 2026, ...
The eFile App will determine which you will be subject to. If you employ any person to work in your home or other residency, then you are a household employerand will owe household employment taxes. These include hiring a maid, gardener, babysitter, or other person who performs work in or around a private residence of yours. This does not ...
This includes tuition and fees, books, and course- or degree-related costs but does not include other college-related costs such as room, board and travel. If you receive a scholarship with the condition that you provide services in the future, you’ll need to count the scholarship as income in the year you receive it. Payment for ...
Your child may be subject to AMT if he or she has certain items given preferential treatment under the tax law. The AMT may also apply if your child has passive activity losses or certain distributions from estates or trusts. If line 4 doesn’t include any net capital gain or qualified dividends, use the Line 7 Tax Computation Worksheet ...