Personal Taxes – Dependency Exemption

Preserve a dependency exemption. Did your under-age-24 child graduate from college in 2017? Usually, you can still claim a dependency exemption in 2017 for the child if you provide more than half of their annual support. Unlike other qualifying relatives, there’s no limit on the taxable income the child can receive. To ensure you clear the half-support mark, be extra generous this holiday season with your support.