Dependency Exemptions

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DIY Disasters: College Kids, Their Parents and the American Opportunity Credit

By | February 1st, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

What to do when your college-aged child files a tax return and claims tuition credits you were entitled to on your own return.

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Glossary: Additional Child Tax Credit

By | April 25th, 2016|Categories: Glossary, Potpourri of Tax Topics|Tags: , , , , , |

The ""Additional Child Tax Credit" is the portion of the child tax credit that is fully refundable regardless of a taxpayer's taxable income.

Glossary: Form 8332

By | February 17th, 2016|Categories: Glossary, Potpourri of Tax Topics|Tags: , , , |

Form 8332 is a tax form signed by a custodial parent to release their claim to a dependency exemption for a child and give it to the non-custodial parent.

Can Married Same-Sex Couples Claim Their Spouse as a Dependent?

By | February 11th, 2016|Categories: Same-Sex Marriage and Taxes|Tags: , |

Couples in same-sex marriages have been able to file federal taxes as married since 2013, but questions still arise. Here's a recent question from a reader: if I'm in a same-sex marriage, can I claim my spouse as a dependent? The answer to this question is: no.

Having Negative Taxable Income Doesn’t Mean the Government Pays You Extra

By | January 28th, 2016|Categories: Potpourri of Tax Topics|Tags: , , , , |

The tax brackets stop at $0 of taxable income -- having taxable income below $0 doesn’t mean your tax liability is a negative number or that the government “pays you more money.”