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Dependency Analysis for Tax Planning

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Dependency Analysis for Tax Planning

Uploaded by

dennisorina79
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© All Rights Reserved
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Vianey Ramirez

3/20/2025
Dependency Analysis
1. Calvin and Florence Carter (Janet’s Parents)
 Qualifying Relative Criteria:
 Relationship: Parents of Janet, satisfying the relationship test.
 Gross Income: Their $19,000 in nontaxable funds (Social Security, municipal
bond interest) does not count toward the $4,300 gross income limit for qualifying
relatives.
 Support:
 Total household support:
$ 24,500(fair rental value+food )+ $ 2,200( dental /insurance)=$ 26,700 .

 Parents’ own support: $8,000 (spent on themselves).


 Bakers provide
77 % ($ 26,700/ $ 34,700 total support), exceeding the 50 % requirement .

 Result: Both qualify as dependents.


2. Darin Baker (18-year-old son)
 Disqualified because:
 Self-Support:
Earned $ 14,000 (exceeds the $ 4,300 gross income limit for qualifyingrelatives).

 Qualifying Child Test Fails:


Though under 19 , he provided 74 % of his own support ($ 14,000 income vs . $ 4,900¿Bakers ).

3. Andrea Baker (19-year-old daughter)


 Qualifying Relative Criteria:
 Gross Income: $0 (no employment).
 Support: Relies entirely on Bakers for housing, food, and other needs ($4,900
from household expenses).
 Result: Qualifies as a dependent.
4. Morgan Baker (23-year-old graduate student)
 Qualifying Child Criteria:
 Age/Student Status: Under 24 and a full-time student.
 Support: Bakers provide housing/food ($4,900). Student loans for tuition are not
counted as her income or support.
 Result: Qualifies as a dependent.
Therefore, the Bakers can claim four dependents for the tax year: Calvin, Florence, Andrea, and
Morgan.
Tax Planning Improvements
1. Redirect Parental Support:
 Pay more of Calvin’s medical expenses directly (deductible if itemizing).
 Avoid letting parents invest their own funds ($11,000), which reduced their
dependency on Bakers’ support.
2. Darin’s Income Management:
 If Darin were a student, his earned income would not disqualify him as a
qualifying child. Encouraging part-time education could preserve dependency
status.
3. Education Credits:
 Claim the American Opportunity Tax Credit or Lifetime Learning Credit for
Morgan’s tuition.
4. Dependent Care FSA:
 Utilize a Dependent Care Flexible Spending Account for eligible expenses if
Andrea or Morgan require care.

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