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.

BREAKING DOWN '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 501

    A document published by the Internal Revenue Service that covers ...
  2. IRS Publication 17

    A document published by the Internal Revenue Service that outlines ...
  3. Exemption

    A deduction allowed by law to reduce the amount of income that ...
  4. IRS Publication 550

    A document published by the Internal Revenue Service (IRS) that ...
  5. IRS Publication 521 - Moving Expenses

    A document published by the Internal Revenue Service (IRS) outlining ...
  6. IRS Publication 503: Child And ...

    A document published by the Internal Revenue Service that outlines ...
Related Articles
  1. Taxes

    How to File Your Child's First Income Tax Return

    Use this quick parental guide to help your child learn the tax filing process and establish good habits.
  2. Taxes

    Income Tax Brackets for 2015-2016

    Learn about the 2015-2016 tax brackets, how to calculate your marginal tax rate, the five types of filing status and how to qualify for them.
  3. Financial Advisor

    Tax Time is Coming; Don't Be Caught Off Guard

    It's time to think about tax returns again. The good news is that the regulations in 2016 have not changed dramatically from last year.
  4. Taxes

    Taxing Times For Divorced Parents

    Find out how to deal with the tax issues that arise for divorced parents with dependent children.
  5. Taxes

    Six Ways Your Tax Preparer Knows You're Lying

    An experienced tax preparer can sense when a client is lying. Find out what sets off their lie detectors.
  6. Retirement

    Top Tax Tips For Retirees

    Filing your taxes during retirement can be just as time consuming as when you were employed. We have some tips to help you out.
  7. Taxes

    Why You Should Itemize Your Tax Deductions

    This strategy of moving your tax deductable payments and donations to the following year could mean hundreds more on your return.
  8. Taxes

    Happily Married? File Taxes Separately!

    Just because you are in love doesn't mean that a joint return is best for both of you.
  9. Taxes

    Newlyweds? Tips For Filing Your Tax Return

    For many couples, it pays to file for taxes together. But what are some of the obstacles you should watch out for?
  10. Taxes

    Next Season, File Taxes On Your Own

    Master these fundamentals and you'll be doing your own taxes with minimal stress.
RELATED FAQS
  1. How much does a dependent reduce your taxes?

    Learn the qualifications for claiming a dependent on your income taxes and the amount by which a dependent reduces your tax ... Read Answer >>
Hot Definitions
  1. Federal Direct Loan Program

    A program that provides low-interest loans to postsecondary students and their parents. The William D. Ford Federal Direct ...
  2. Cash Flow

    The net amount of cash and cash-equivalents moving into and out of a business. Positive cash flow indicates that a company's ...
  3. PLUS Loan

    A low-cost student loan offered to parents of students currently enrolled in post-secondary education. With a PLUS Loan, ...
  4. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  5. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  6. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
Trading Center