Most parents who pay federal income taxes are aware that they are able to claim an exemption for each of their children. As with any tax rule, there are exceptions and limitations. For instance, if you, yourself, can be claimed as a dependent by another taxpayer, you are not eligible to claim anyone else as a dependent. In addition, the person you claim must be a U.S. citizen or a U.S. resident alien.

A CPA in Tampa can help you determine whether you are eligible to claim an exemption for a dependent child, as well as determine any other exemptions, deductions, and credits you might be eligible to claim. Since opening our doors in 1984, Reliance has helped thousands of individuals and hundreds of Tampa Bay area companies find peace of mind at tax time. In general, in order to claim a child as a dependent for federal income tax purposes, you must pass the following tests:

• Relationship – son, daughter, stepchild, foster child, grandchild, brother, sister, other relative.
• Age – under age 19 at the end of the tax year, or a full-time student under age 24; permanently disabled individuals are not typically subject to the age test.
• Residency – the dependent must have lived with you for at least half the year, or in the case of a newborn, at least half of the time after the baby was born.
• Support – the dependant can’t have provided more than half of his or her support for the year.
• Joint return – the dependant can’t file a joint return for the year.

Keep in mind that there are many exceptions to and variants of these rules, and a CPA in Tampa from Reliance can help you determine whether your unique situation falls under these exceptions. Contact us today for help with any tax preparation or tax planning issue, or for a complimentary financial health checkup.