In some cases, an attempt to claim a child as a dependent when another person has already claimed him results in rejection of the electronic submission, according to About.com. If the IRS accepts the return or the second parent mails a return claiming the same child as a dependent, the IRS is likely to require an audit over dependents.Know More
Unless parents are married filing joint returns, the IRS only allows one parent to claim a child as a dependent. About.com reminds parents this law also applies to married couples filing separate returns. The return claiming the child as a dependent should include Form 8332 signed by the other parent, giving permission to claim the child as a dependent, according to TurboTax.
If the IRS doesn't accept a tax return because someone else has claimed the child as a dependent, it doesn't allow electronic submission a second time. About.com recommends that a parent with the right to claim a child complete the paper form and mail it. The IRS audit determines which parent is entitled to the exemption.
TurboTax recommends that if a parent discovers he has claimed a dependent in error, he should file an amended tax return. The IRS allows such amendments within three years of filing the return. The IRS imposes fees in such cases in addition to requiring payment of the additional taxes owed; however, if a parent convinces the IRS claiming the child was a mistake, the IRS waives the penalties.Learn more about Income Tax
A dependent of a taxpayer is typically either a child who still lives at home or a relative for whom he provides over half of the necessary financial support. Each dependency exemption claimed is worth a $3,950 deduction as of 2014.Full Answer >
A person that is taking prescribed thyroid medication to control hyperthyroidism or hypothyroidism runs the risk of having these conditions return, according to About.com. Hyperthyroidism is known to cause anxiety, fluctuations in weight, muscle weakness, insomnia, excessive sweating and goiters. Hypothyroidism can cause fatigue, depression, low body temperature, hair loss, weight gain and infertility.Full Answer >
Tax deductions reduce a person's tax burden by lowering taxable income, according to About.com. A filer chooses between a standard deduction or itemized deductions. As of tax year 2013, the IRS allowed a $6,100 standard deduction for an individual filer and a $12,200 deduction for a married couple filing jointly.Full Answer >
The Child and Dependent Care Credit helps you recoup some of the money you spend on child or other dependent care throughout the year. This is a non-refundable tax credit, which means that you can use it to lower your overall tax bill, but you cannot get any money directly from the government. Filing for the credit is quick and relatively simple.Full Answer >