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February 27, 2006
1040 Tax Mistakes
MarketWatch looks at the lines on the 1040 Form that stumble most folks. Here's a sample:
Line 6
This year, you may trip as early as Line 6 because that's where taxpayers enter their dependents, and the rules for who qualifies as a dependent have changed.
"Now, instead of determining whether you provided half this person's support, the test is did they provide over half of their own support," said Cindy Hockenberry, tax information analyst with the National Association of Tax Professionals, a trade group. See this IRS page for more information on the new definition.
The rules for a qualifying dependent "have changed to such an extent that it has left people really scratching their heads. If you can get past that, you're doing good," Hockenberry said.
Posted by edelfenbein at February 27, 2006 12:15 AM
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