By Barbara Weltman
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Extra resources for AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your Complete Guide to Everything Deductible
If a married couple files separate returns and one spouse itemizes deduction, the other must also itemize and cannot claim a standard deduction. Impact of Deductions on Your Chances of Being Audited Did you know that the IRS collects statistics from taxpayers to create profiles of average deductions? If you claim more than the average for your income range, the computer may select your return for further examination. 2 shows the average itemized deductions for taxpayers in various adjusted gross income (AGI) ranges.
Support test 4. Citizenship or residency test 5. Joint return test RELATIONSHIP OR MEMBER OF THE HOUSEHOLD TEST The person you claim as a dependent must either be a relative (whether or not they live with you) or a member of your household. Relatives who do not have to live with you in order to qualify as your dependent include: Child, adopted child, or stepchild (other than a qualifying child) Grandchild (other than a qualifying child) Great-grandchild (other than a qualifying child) In-law (son, daughter, father, mother, brother, or sister) Parent or stepparent Sibling, stepbrother or stepsister, half-brother or half-sister Uncle, aunt, nephew, or niece if related by blood Any other individual, including, for example, a cousin, must be a member of your household for the entire year (not counting temporary absences).
The maximum amount of expenses that can be taken into account in figuring the credit is $3,000 for one qualifying dependent and $6,000 for two or more qualifying dependents. If your employer pays for your dependent care expenses, you may be able to exclude this benefit from income up to $5,000. Conditions for the Tax Credit There are a number of conditions for claiming the dependent care credit; you must satisfy all six of them to claim the credit: 1. Incur the expenses to earn income. 2. Pay expenses on behalf of a qualifying dependent.