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Dave1040
New Member

Dependent Income, Need to know if my 10 year old child makes $30,000 in the stock market can I claim her as my dependent. All of the money went right back into the stock market.

Also, can I still take the child tax credit on this child?
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Accepted Solutions
AmyW
New Member

Dependent Income, Need to know if my 10 year old child makes $30,000 in the stock market can I claim her as my dependent. All of the money went right back into the stock market.

Yes, you may be able to claim your daughter as a qualifying child if:
  • She is under 19, or a full-time student and under 24 years of age. There is no age limit if he is permanently and totally disabled.
  • She lives with you for more than half of the year (Temporary absences, like going to college does not count)
  • You provided more than half of her support for the tax year
  • You are the only person claiming her
See the article below for the rules about claiming a qualifying child. 

Here is a worksheet that will help you determine if you provide more than half of your son's support:

https://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf

However, you will need to file a tax return for your daughter this year with the box checked Someone can claim me on their tax return.

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1 Reply
AmyW
New Member

Dependent Income, Need to know if my 10 year old child makes $30,000 in the stock market can I claim her as my dependent. All of the money went right back into the stock market.

Yes, you may be able to claim your daughter as a qualifying child if:
  • She is under 19, or a full-time student and under 24 years of age. There is no age limit if he is permanently and totally disabled.
  • She lives with you for more than half of the year (Temporary absences, like going to college does not count)
  • You provided more than half of her support for the tax year
  • You are the only person claiming her
See the article below for the rules about claiming a qualifying child. 

Here is a worksheet that will help you determine if you provide more than half of your son's support:

https://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf

However, you will need to file a tax return for your daughter this year with the box checked Someone can claim me on their tax return.

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