Why Form 8655 Dependents 2024

Hey guys, thank you so much! Between the two of us, MK and Chipper, we teach people how to be fiscally fit in areas such as finances, investing, taxes, and more. The focus of this video is taxes. It's super important that we help you understand some basic tax law. In this video, you're going to learn whether or not you can claim someone as a dependent or if someone can claim you as a dependent on their tax return. So, stay tuned, we're going to answer those questions for you right now. Alright guys, there are six rules you need to know about when trying to claim a child as a dependent. These are the six tests: the relationship test, the age test, the residency test, the support test, the joint return test, and the tiebreaker rule (if applicable). Let me tell you that the first four rules apply to most people, while the fifth and sixth are more specific and depend on a taxpayer's individual situation. The first test that needs to be satisfied is the relationship test. If you're the taxpayer and you're trying to claim someone, that person needs to be your son, daughter, stepchild, foster child, grandchild, etc. They need to have a direct relationship to you. The age test is a bit trickier. If they're under 19 years old and you're their parent, it's going to be easy for you to claim them. It gets tricky when they turn 18 or 19 because, at that point, if they are not a full-time student between the ages of 19 and 23, you will not be able to claim them on your tax return. Remember that. Once they are 24 and older, it's virtually impossible to claim them unless you try to claim them under the qualifying relative...