MGMT 127A Lecture Notes - Lecture 7: Standard Deduction, Unearned Income, Debt Relief
Document Summary
If a person is claimed as the dependent of another taxpayer, he cannot claim a personal exemption on his own tax return o. Regardless, you cannot choose whether you claim the dependent or not- the rightful person under the law has to claim the exemption o. You can, however, sort of set up your situation so that your would be dependents provide for more than 50% of their care or something so that they qualify to take the exemption. If a person is claimed as the dependent of another taxpayer, his standard deduction on his own tax return is limited as follows: Ei + , not to exceed the standard deduction deduction. Basically the first section shows that if you make babysitting, then your deduction is and then you do not need to file o o. These laws are in place because we don"t want to penalize kids who have jobs.
