Question

In: Accounting

Prepare a memo which compares and contrasts the relationship test requirements for a qualifying child with...

Prepare a memo which compares and contrasts the relationship test requirements for a qualifying child with the relationship test for a qualifying relative.

Expert Solution

Claiming a dependant in filing Tax return will offer several benefits to the individual. Benefits such as dependent care credit,earned income tax credit can be claimed only if some conditions are Met under Qualifying Child or Qualifying Relative. One of requirement is to pass Relationship Requirement ,there is some similarities and differenes between this test under both.

Compare and Contrast (italics)

Qualifying Child -Relationship Requirement Test

The Qualifying Child Must satisfy this test of Relationship Requirement by either 1 of following:

As a SON or DAUGHTER (which can be natural or Step)

A Sibiling or StepSibiling

A Foster or Adopted hild

Any of this should be the qualified Child to Go for other requirements. If Not (Not passed Relationship Requirement) Still it could be Qualifying Relative.

Qualifying Relative

As Mentioned above Qualifying Relative includes all of the relationship requirements but also includes some more relations such as:

Half Brother or Sister

Parents or Grandparents or Other Direct Ancestors

"sons or daughters-in-law, father or mother-in-law , brothers or sisters-in-law"

"The Individual lived full of the year in taxpayer's principal place of residence, who is also a member individual's household"

And If there is Blood relation nieces, nephews, aunts, and uncles can also be claimed as Qualifying Relative.

Even in Qualifying Relative it should pass all other requirement (otherthan relationship requirement Test ) of a Qualifying Child. Only residence test is not needed for Parents or Grandparent(They Need not live with Tax Payer in case of Qualifying Relative.)

Under Both the Tax Payer Must be providing morethan Half of support to Dependant in a Calender Year.

Dependant's Income Should to less than Personal Exemption Amount.

For Qualifying Relative it consider Stautory Gross Income (Without deduction) to match against Personal exemption to pass the test.

ekkarill92 answered 2 years ago

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