Friday, September 12, 2008

Qualifying Child

Can I claim my child on my tax return? This question comes up frequently with taxpayers. The taxpayer’s child must pass the four “qualifying child” tests. These four tests are related to relationship, residence, age and support. There are also rules that need to be followed in the child is claimed by two or more taxpayers in a given year.

This is one area that causes taxpayers significant tax problems. If you claim a child on your tax return and the child does not qualify you may have a tax problem due to the fact the IRS will disallow this benefit. The problem gets worse if this goes on for a number of years and is discovered after many years of filing. If you have a tax problem due to this and are wondering what your options are you should consult a tax professional.

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