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What do I do if either I or my spouse is claimed as a dependent on someone else's return?

If someone else intends or has claimed the Taxpayer as a dependent, the Taxpayer must check the box marked " Check here if the Taxpayer can be claimed as a dependent on someone else's return ". This check box can be found in the Personal

What is the Second Lowest Cost Silver Plan (SLCSP) and the Affordable Care Act /Obamacare?

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan with the second lowest cost and available in the area in which the taxpayer lives. To find this while searching the exchange, sort the silver plans by price and find the one available to you (and your family) with the second lowest cost. The Premium Tax Credit is based on the Second Lowest Cost Silver Plan (SLCSP) that is available in the area in which the individual taxpayer lives. You do not have to select the Second Lowest Cost Silver Plan to qualify for the credit. The Premium Tax Credit is calculated as follows: Calculate the Household Income Calculate Household Income as percentage of Federal poverty line Calculate the applicable percentage Calculate the required contribution (household income X applicable percentage) Find the Second Lowest Cost Silver Plan (SLCSP) on the exchange Subtract the required contribution from the SLCSP Compare the difference to the premiums for the health plan actually enrolled in Lower amount is the amount of the tax credit for the year Individuals may purchase a higher plan and pay the difference between the credit amount and the cost of the more expensive plan. Individuals may also purchase a cheaper plan but, if eligible for the tax credit, will not receive the credit.

Arkansas Early Childhood Program

Arkansas allows an Early Childhood Credit for individuals with a dependent child placed in an approved child care facility while the parent or guardian worked or pursued employment. This credit is equal to 20% of the federal Child Care

How do I know if the person I paid for childcare qualifies?

your share of the employment taxes paid on wages for qualifying child and dependent care services. If you pay someone to look after your dependent or spouse in your home, you may be a household employer. If you are a household employer, you

Are My Child's Summer Camp Expenses Tax Deductible?

and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year. 1. The cost of day camp may count as an expense towards the child and dependent care credit. 2. Expenses for overnight camps do

Please explain all of the credits that are available related to me and my family.

Child and Dependent Care Costs: If you paid someone to care for your child who is under age 13 (such as daycare), you may be able to reduce your tax by claiming the Credit for Child and Dependent Care Expenses. You can also claim

What is a "Qualifying Child"?

A “ qualifying child ” may enable a taxpayer to claim several tax benefits, such as Head of Household filing status, the exemption for a dependent, the child tax credit, the child and dependent care credit and the earned income tax credit

What are "Qualified Medical Expenses"?

the premiums are for: Long-term care insurance, Health care continuation coverage (such as coverage under COBRA), Health care coverage while receiving unemployment compensation under federal or state law, or Medicare and other health care coverage

Who qualifies to have an HSA (Health Savings Account)?

is permitted under Other Health Coverage, below. You are not enrolled in Medicare. You cannot be claimed as a dependent on someone else's tax return. High Deductible Health Plan (HDHP): An HDHP has both of the following: A higher annual

Dependents/Qualifying Person

Basic Information for Dependent(s) or Qualifying Person(s)