Now that tax season is here, it’s important to organize your paperwork. Declaring dependents on your tax return is one strategy to lower the amount of taxes you must pay.

You may be able to qualify for some deductions and credits by claiming a dependent. To get the most out of your tax benefits, it’s critical to comprehend the regulations for claiming a dependent.

Whom May I Declare as a Dependent?

Taxpayers are permitted by the Internal Revenue Service (IRS) to list dependents on their tax return. Generally, whether a person is your kid, a qualifying relative, or a non-relative, you may claim them as a dependent.

Acceptable Child

If the individual you’re attempting to claim is your child, they must satisfy specific requirements in order to be qualified. A birth, step, adoptive, or foster kid must be the person.

They must be under the age of 19 or, if enrolled full-time, under the age of 2The child must also reside with you for more than half the year and get more than half of their financial assistance from you.

Relative who qualifies

There are additional requirements to be satisfied if you’re wanting to claim a relative. The person must be your blood, marital, or adoptive relative. They must be an American citizen or lawful permanent resident. The relative must sustain themselves financially more than half of the time and must reside with you for the entire year.

Non-Relative

You might be possible to list a person as a dependent in particular circumstances even if they are unrelated to you. When the person is a family friend or someone you are caring for, this can be advantageous.

The person must satisfy the requirements for a qualifying relative in order to qualify. Additionally, you must provide more than half of their financial support if they earn $4,300 or less.

Read more: Tax Breaks for the Self-Employed

Benefits of Declaring Dependents

Claiming to be dependent on your tax return has many advantages. You might be eligible for certain credits or deductions, such as the earned income credit and the child tax credit. Claiming a dependent can also lower your taxable income, which can enable you to pay less in taxes.

You may be able to save money and be eligible for a number of deductions and credits by claiming a dependent on your tax return. To get the most out of your tax benefits, make sure you are aware of the requirements for claiming a dependent.