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Once children are over 23, 113

they are under a strict income

ceiling to be claimed by the

parents. If you want to claim your

“child – limit the child’s income.
by Eli Pollock
Rule #1: If you are a candidate for the earned income
credit, your investment income can never ever top $3,400. It
could cost you thousands.

Claiming Your Children
You can claim your children as dependents until age 18 (23,
if they are students), provided you supported them. Since you
can claim them, you also get to claim the benefits of their col-
lege expenses. That will give you valuable tax credits for col-
lege expenses. It means that if your children go to college, you

”can receive a big tax savings for the tuition paid. But you

need to claim your child as a dependent.
Here’s the catch: You can only claim the child as a depend-

ent if the child does not file a joint return with someone else,
i.e., his wife. This true story happened this year: Mr. F claimed
his son, who got married in December of 2016. Unbeknownst
to him, the son’s father-in-law asked his accountant to do
taxes for the new couple. The accountant filed a return for
this new couple, who claimed themselves as their own
dependents. They earned so little that they barely had to file
in the first place. Well, two tax returns cannot claim the same
individual, so someone had to amend their return. Hold on
tight for this tax law: Once the child has filed a joint return,
he or she cannot amend to make it a separate return.
Therefore, Mr. F cannot claim his son and cannot claim the

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