MANAGEMENT

Detailed explanation-1: -To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test: To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a “student” younger than 24 years old as of the end of the calendar year.

Detailed explanation-2: -Typically, this includes your children or other relatives, but it can also include people who aren’t directly related to you, such as a domestic partner. Once you identify someone as a dependent on your tax return, you’re informing the IRS that you met the requirements to claim them as a dependent.

Detailed explanation-3: -A financial dependant is anyone who relies on you financially for things like money, clothes or food. This might include children, relatives, spouses or friends.

Detailed explanation-4: -dependent family member means the Designated Person’s spouse, children below the age of 21 years, and such other persons, including dependent parents of the Designated Person, as may be declared by the Designated Persons.