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Concept
Tax Dependency
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Summary
Tax Dependency
refers to the status of an individual who relies on another taxpayer for
Financial Support
and can be claimed as a dependent for
Tax purposes
, potentially affecting the
Taxpayer's deductions
and credits. Understanding the criteria for
Claiming a dependent
, such as relationship, residency, age, and
Financial Support
, is crucial for accurately
Filing taxes
and
Optimizing tax benefits
.
Concepts
Tax Deductions
Tax Credits
Dependent Exemption
Qualifying Child
Qualifying Relative
Filing Status
Adjusted Gross Income
Head Of Household
Independent Student
Financial Support Test
Dependency Status
Gross Income Test
Relevant Degrees
Public Revenue 50%
Labor Market 30%
International Trade 20%
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