Claiming your child on a tax return can translate into some substantial tax savings. A qualifying child is one who meets the six requirements stipulated by the IRS as a lawful dependent. Below, learn more about each of these conditions and enjoy the additional savings come tax time.

A Guide to the IRS's Qualifying Child Requirements

1. Age

The child must be under the age of 19 on or before December 31 of the tax year being filed. If the child is a full-time student, you can continue to claim them until they are 24 years old. If the child suffers from a permanent, legally recognized disability, you can continue to claim them throughout their life.

2. Relationship

There must be a verifiable relationship between the child and the person claiming them on the tax return. They can be a child or stepchild, either by blood or adoption. They can be a foster child, a sibling, or a stepsibling. The IRS also recognizes the descendants of any of these individuals as dependents.

3. Residence

The child should be a resident of the claimant's home for more than six months of the tax year. The IRS will usually make an exception if the parents have separated or divorced, and the child divides their time between each.

4. Citizenship

A child must be a United States citizen if a parent intends to claim them. A U.S. resident alien may also be claimed, but by the time the parent files the tax return, the child must have a Social Security number.

5. Income

Some teenagers hold jobs and may contribute financially to the running of the household. They can still be claimed on the parent's tax return so long as their income does not exceed more than half of their own support costs for the entire tax year.

6. Joint Return

A child cannot file a joint return if you're planning on claiming them. The only exception to this would be if the child files a joint return to claim a refund of withholdings.

To ensure your child meets the IRS definition of a qualifying child, have your tax returns prepared by a professional. Simplified Tax has been providing tax preparation to the Sparta, WI, area for over 30 years. They also offer accounting and payroll services for business clients. Call (608) 269-2633 to schedule a consultation.