True or False? You can claim your significant other as a dependent on your tax return.

The answer? It depends.

While tax reform eliminated the dependent exemption, knowing who qualifies as a dependent is still crucial for maximizing tax benefits – especially the Other Dependent Credit, which can provide up to $500 for dependents over age 17.

If you’re living with your boyfriend or girlfriend, you may be able to claim them as a dependent, but they must meet all of these IRS requirements:

Who Qualifies? The 4 Key Tests:

✅ Not a “qualifying child” of another taxpayer (they cannot meet the IRS’s dependent child criteria). ✅ Earned less than $5,050 in taxable income for 2024. ✅ You provided more than half of their financial support during the year. ✅ Lived with you all year as a member of your household (dependent relatives have different rules).

🔹 Important: If your significant other is eligible to be claimed as a dependent on someone else’s return (like a parent’s), then you cannot claim them – even if no one else actually does.

Other Ways to Save If You Live Together

Even if your partner doesn’t qualify as a dependent, you can still cut costs and save money by: 💰 Combining auto insurance policies for a multi-car discount. 🏡 Sharing household expenses strategically to optimize tax deductions. 💳 Maximizing credit card rewards by consolidating spending.

Don’t stress about tax rules – we’ve got you covered! Please let us know this week, however, since we are being quickly booked up for the season.

Best,

George Dimov, CPA 📞 (833) 829-1120 📧 george@dimovtax.com 🌎 www.dimovtax.com