IRS Publication 929: Tax Rules For Children And Dependents

AAA

DEFINITION of 'IRS Publication 929: Tax Rules For Children And Dependents'

A document published by the Internal Revenue Service (IRS) that provides guidance on how people claimed as dependents should compile and file tax information. IRS Publication 929 outlines the filing requirements for individuals considered dependents, including how to calculate the dependent's standard deduction and any applicable exemptions. It also includes information on how investment income should be reported for children, regardless of whether those children are claimed as dependents.

INVESTOPEDIA EXPLAINS 'IRS Publication 929: Tax Rules For Children And Dependents'

While children are the most commonly recognized type of dependent, the aged and disabled also fall into that category. Dependents are likely to have to file a tax return if they have unearned income above $950 or earned income above $5,700. The standard deduction for a dependent is the lesser of $950 or the regular standard deduction of $5,700.

RELATED TERMS
  1. IRS Publication 550

    A document published by the Internal Revenue Service (IRS) that ...
  2. IRS Publication 501

    A document published by the Internal Revenue Service that covers ...
  3. Earned Income

    Income derived from active participation in a trade or business, ...
  4. Exemption

    A deduction allowed by law to reduce the amount of income that ...
  5. Unearned Income

    Any income that comes from investments and other sources unrelated ...
  6. Dependent

    An individual whom a taxpayer can claim for credits and/or exemptions. ...
Related Articles
  1. Don't Forget The Kids: Save For Their ...
    Savings

    Don't Forget The Kids: Save For Their ...

  2. How To File Your Child's First Income ...
    Taxes

    How To File Your Child's First Income ...

  3. Taxing Times For Divorced Parents
    Taxes

    Taxing Times For Divorced Parents

  4. How To Claim A Dependent On Your Tax ...
    Taxes

    How To Claim A Dependent On Your Tax ...

comments powered by Disqus
Hot Definitions
  1. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  2. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  3. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  4. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  5. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
  6. Limit-On-Open Order - LOO

    A type of limit order to buy or sell shares at the market open if the market price meets the limit condition. This type of ...
Trading Center