MANAGEMENT

Detailed explanation-1: -The taxpayer’s spouse cannot be claimed as a dependent. Some examples of dependents include a child, stepchild, brother, sister, or parent. Individuals who qualify to be claimed as a dependent may be required to file a tax return if they meet the filing requirements.

Detailed explanation-2: -If you and your spouse are married filing jointly, you can claim one exemption for your spouse and one exemption for yourself. If you’re married filing separately, you can claim an exemption for your spouse only if your spouse: Had no gross income. Isn’t filing a return.

Detailed explanation-3: -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-4: -Dependents – If you can be claimed as a dependent by another taxpayer, your standard deduction for 2022 is limited to the greater of: (1) $1, 150, or (2) your earned income plus $400 (but the total can’t be more than the basic standard deduction for your filing status).