I was recently featured on Fox News Business as a tax expert:
Deciding whether a child should be claimed as a dependent depends on a myriad of individual factors, but in general, it’s almost always best for parents to keep children as dependents for as long as they can, says Cameron Keng, a New York-based certified public accountant and enrolled agent.
Is the child over age 24, but not earning income? You can claim dependent children until they turn 19, unless they go to college, in which case they can be claimed until they turn 24. If your child is 24 years or older, they can still be claimed as a “qualifying relative” if they make less than $3,700 a year, according to Keng. In that case, the amount of tax savings is much higher for the parents than for the child.
Does the child have substantial medical expenses? Keeping your child part of your household means you can deduct their medical expenses under your own itemized deductions, Keng says.
If you are paying out-of-pocket for the child’s care, keeping them as a dependent makes financial sense. (Note: Under last year’s Affordable Care Act, your child may also be eligible for your medical insurance benefits until age 26, whether or not you claim him as a dependent on your tax return. See more at www.healthcare.gov).
Always nice to be appreciated =) lol.