Over the years many people have asked us who is considered a dependent when it comes to declaring that person on their yearly tax return and what it means to be a married filing jointly or head-of-household.
Of course, right off the bat, any child that you may have is automatically considered a dependent as long as they meet a few criteria. First off the child must be under 24 years of age and have been either living with you in the same household, or you support them 100% (students living in an on-campus facility for college). Of course the amount of eligible credit will vary depending on the age of the child, amount of time that you have supported them during the year, and also if the child has some sort of disability. Another thing to keep in mind is that there is a difference between the individual tax credit and dependent care credit. The Individual Tax Credit is a standard deduction for all socials on the return, while the other is assistance by the government given to those individuals that fit the above criteria.
Another type of dependent care credit are those individuals that are NOT your child, but can be included as a dependent on your return based on a few details. A good example, which is usually the case for many clients, is an elderly individual that is either the parent of the grandparent. For these you can deduct the standard deduction only, unless there is some kind of disability associated with that individual.