Claiming a Dependent on Taxes! (How To Claim Someone Who Doesn't Live With You & $500 Tax Credit💸)

Claiming a dependent on taxes. In this video we discuss in detail how to claim a relative or other dependent. This is how to claim someone who doesn't live with you. Qualifying relative rules fully explained in this video. If you can can claim a relative or "Other dependent" you can receive up a $500 tax credit. #taxes #dependent **Please note this video is produced for educational purposes ONLY and not to be taken as legal or tax advice. I do my best to insure the accuracy of these presentations, but mistakes can be made so carefully read the forms, or consult with a professional in the area you live if you need tax assistance.** Free handout can be found here: https://www.dropbox.com/scl/fi/rtmdtj... I know this video is as long as your high school math class so here are time stamps: ⌚ Time Stamps so you can jump to any point in the video ►0:00 - 1:20 Intro and discussion of free handout ►1:21 IRS Publication 501 ►2:03 Instances when you CANNOT claim a dependent. ►2:51 Tests to claiming a qualifying relative. ►4:30 - 7:13 Test#1 To claim qualifying relative THEY CANNOT BE A QUALIFYING CHILD ►7:14 - 9:32 Test# 2 Member of household or relationship test ►9:33 - 11:31 Test #3 Gross Income Test ►11:32 - 14:45 Test #4 Support test. ►14:46 information in the free handout. 🚨 Subscribe Here: https://www.youtube.com/moneyandlifet... 👍 Drop a like to help support the channel and boost the YouTube Algorithm ⌨ Your input and engagements means a lot. Please leave a comment, and or share this video with 1 other person. 📼 Checkout some of our most popular INVESTING and TAX related videos ✅ Earn $100,000 a year in dividends:    • Earn $100,000 Per Year in Dividend Income ...   ✅ Dividend Investing Pros and Cons:    • Dividend Investing: Pros and Cons of Inves...   ✅ Our Dividend Income Year 6:    • Our Dividend Income Growth Journey - Year ...   ✅ Best Investments for each account    • Best Investments For Each Type of Account ...   ✅ Calculating dividend tax rates:    • Your Dividend Tax Rates! 3 EXAMPLES! (Calc...   ✅ Making your dividends qualified!:    • Qualified Dividends Fully Explained (How T...   ✅ How to save taxes on stocks:    • How To Save Taxes On Stocks - 5 Tax Saving...   ✅ Capital Gain Taxes Explained:    • Capital Gains Tax Explained📈 How Stocks ar...   ✅ New Tax Laws for 2020 Explained:    • New Tax Laws for 2020 Explained! (2020 Tax...   ✅ Dividend and REIT Taxation:    • Dividend and REIT Taxation Explained With ...   ✅ How to fill out the new 2020 W-4    • How to Fill Out the New 2020 W-4 Form (VER...   🎥 My Complete Investing Playlists can be found here: ► Dividend Investing: shorturl.at/gxBFY ► 401(K) Investing: shorturl.at/fwAW8 ► Investing in the stock market: shorturl.at/iuyEQ