1098 Mortgage Interest Statement1098 Mortgage Interest Statement
Alternative Minimum Tax (AMT)Alternative Minimum Tax (AMT)
Capital Gains TaxCapital Gains Tax
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Child and Dependent Care CreditChild and Dependent Care Credit
DependentDependent
Earned Income Tax Credit (EITC)Earned Income Tax Credit (EITC)
Estate TaxEstate Tax
Form 1040Form 1040
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Dependent

Definition

Someone who relies on you for financial support, such as a child or an elderly relative. This status can also affect your taxes.

What to consider

  • Include dependents in your overall budget planning.
  • Factor in future costs like education and healthcare.
  • Make sure to claim them on your taxes if eligible.

Real world scenarios

  • Brett claims his elderly mother as a dependent on his taxes because he covers more than half her living expenses.
  • Robin updates her W-4 after having twins, ensuring each child is recognized for applicable tax benefits.
  • Supporting a dependent influences monthly budgeting, as routine care and extra costs must be factored in.

Related terms

Capital Gains Tax
W-2
Tax Shelter
Earned Income Tax Credit (EITC)
1098 Mortgage Interest Statement

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