Supporting other people, whether children or qualifying relatives, is sometimes a necessity in life. It can also save you money when paying your taxes, though – sometimes thousands.
You may not know who qualifies and how to claim a dependent
on your tax return, however. What is a dependent, according to the IRS?
A dependent is someone who relies on you for at least half of their support in a given year, including food, clothing, shelter, and other necessities. They could be your adopted or biological child or another qualifying family member who lives with you and who you care for, financially and otherwise.
You need to provide a significant amount of support for a dependent to qualify, and usually, adult children aren’t eligible to be claimed as dependents unless they meet certain requirements. This guide will walk you through eligibility requirements and six important steps for claiming a dependent on your tax return.