If you look out financially for an older loved one, the government gives you a reward for your kindness come tax time. Those looking to claim people who aren’t their children as dependents when they file their taxes should go over the rules to make sure they qualify.
The Star-Ledger put together a guide to claiming older dependents. Here are three requirements your would-be dependent has to meet in order to be legitimate in the eyes of the IRS:
* You had to have provided more than half of the dependent’s support for the year.
* He must be a part of your immediate family.
* He has to have earned less than $3,700 in 2011.
It should go without saying that no one else can claim your dependent as his own for the tax year.
Biz brain: Looking to claim older tax dependents [The Star-Ledger]