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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If my children contribute four hundred a month to my living

Customer Question

if my children contribute four hundred a month to my living expenses can they deduct;
and do i claim on my taxes end of year?
Submitted: 3 months ago.
Category: Tax
Expert:  Lane replied 3 months ago.

Hi, I can help you here. My name's Lane ... Bear with me a moment while I type in my response.

Expert:  Lane replied 3 months ago.

The test for them being able to take you as a dependency exemption comes under what's called the "Qualifying Relative" test.

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The taxpayer must provide more than ½ of the individual's support for the calendar year, and the dependent's gross income must be less than the personal exemption (4050 for 2016)

​You, the dependant must be...

  • must be a US citizen or a resident of the United States, Canada, or Mexico;
  • cannot also be a qualifying child of another taxpayer for the tax year,
  • except if the individual who could claim the child does not file a tax return or files a return only to claim a refund of withheld taxes;
  • cannot file a joint return unless it is solely for claiming a refund.

...

Expert:  Lane replied 3 months ago.

By the was your SSI DOES NOT count as part of your support ... So, be bot***** *****ne here is whether that 400 per month is enough to pay 1/2 of your support

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You do not count this as income BUT this can reduce your SSI (wouldn't decrease SSDI - Soccial Security Disability, where you have disability based on a work record) but ANY support from family or almost anyone else CAN decrease SSI (Supplemental Security Income)

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And finally, they cannot deduct the support itself (although it DOES reduce their taxable income by 4050 (the amount of one dependency exemption) ... and you do not report as income on your tax return if you file

Expert:  Lane replied 3 months ago.

I hope this has helped. … Please let me know if you have any questions at all, before rating me

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise JA doesn't credit me for the work here.

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Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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