Here’s what you should know about claiming a dependent child on your taxes…

When filing your taxes, you’ll want to report the expenses that come along with the responsibilities of raising a child.

One way to do this is by claiming your child as a dependent. Each dependent you claim on your tax return will lower your total taxable income by one exemption. That means you’ll end up receiving a larger tax refund!

Keep in mind, however, each dependent can only be claimed by one tax filer. Additionally, the dependent you’re claiming must qualify as either of the following:

1. a qualifying child
2. a qualifying relative

Who is considered a Qualifying Child Dependent?

In order to claim someone as your qualifying child, he or she must meet the following criteria:

• Be your biological or adopted child, stepchild, foster child, sibling, half-sibling, stepsibling, or a descendant of one of these
• They are under the age of 19, or  if a full-time student, under age 24 (There is no age limit if the child is permanently disabled.)
• Be a U.S. citizen or U.S. resident, or a resident of Canada or Mexico
• Unmarried, or married but not filing a joint return
• Have lived with you for at least half the year, unless absent due to illness, education, business, vacation, or military service
• Have not provided more than half of his or her own support Continue reading “What You Need to Know About Claiming Your Dependent Child”