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However, the additional deduction is $1,850 for unmarried individuals who are not qualifying surviving spouses. [26] For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than ...
Section 152 of the code contains nuanced requirements that must be met before a taxpayer can claim another as a dependent for personal exemption purposes. The general rule is that a personal exemption may be taken for a dependent that is either a qualifying child or a qualifying relative. § 152(a). However, there are several exceptions to this ...
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A qualifying "child" can be up to and including age 18. A qualifying "child" who is a full-time student (one long semester or equivalent) can be up to and including age 23. And a person classified as "permanently and totally disabled" (one year or more) can be any age and count as one's qualifying "child" provided the other requirements are met.
A state law — House Bill 1034 — is in effect and, according to a news release from the Indiana National Guard, the tax exemption applies to the traditional weekend Hoosier Guardsmen, the dual ...
Federal and state tax authorities provide preprinted forms that must be used to file tax returns. IRS Form 1040 series is required for individuals, Form 1120 series for corporations, Form 1065 for partnerships, and Form 990 series for tax exempt organizations. The state forms vary widely, and rarely correspond to federal forms.
The credit is a percentage, based on the taxpayer’s adjusted gross income, of the amount of work-related child and dependent care expenses the taxpayer paid to a care provider. [10] A taxpayer can generally receive a credit anywhere from 20−35% of such costs against the taxpayer’s federal income tax liability. [ 11 ]