Infinity Tax And Financial Service

Taxpayers must have their routing and account numbers for direct deposit available when they are ready to file. The IRS can't accept this information after a return is filed. There is a limit of three direct deposit refunds a year made into a single financial account or prepaid debit card.

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Can I claim my deceased child?

Yes, in most cases, you can still claim a deceased child as a dependent on your taxes for the year they passed away, provided all other dependency requirements are met. The rules vary slightly depending on whether the child was stillborn or born alive.
General Rules for Claiming a Deceased Child
Live Birth: Generally, the child must have been born alive to be claimed as a dependent for federal tax purposes. Stillborn children typically cannot be claimed for federal taxes, though some states may have different rules.
Residency: A child born or who died during the year is considered to have met the residency test if your home was or would have been their main home while they were alive.
Other Requirements: All other standard tests for claiming a dependent, such as providing more than half of their support, must still be met.
Filing Instructions
If the child had a Social Security Number (SSN), use it as usual.
If the child was born and died in the same tax year without an SSN, you can write "DIED" in the SSN space on Form 1040 or Form 1040-SR.
If you enter "DIED," you must file a paper return by mail and include documentation such as a birth or death certificate, or a hospital record confirming a live birth.
Potential Credits
Claiming your child may make you eligible for tax benefits like the Child Tax Credit or Earned Income Tax Credit (EITC), if you meet the requirements.
For specific advice, it is best to consult a tax professional or the IRS website.

Can I claim my college student as a dependent even if they're working?

Yes, parents can generally still claim their college student as a dependent even if the student is working, provided they meet specific IRS criteria for a "qualifying child". The student's income level is not the deciding factor, but rather how much of their own financial support they provide.
Key IRS Requirements for Claiming a College Student
To claim a working college student as a dependent, several tests must be met: the child must be a qualifying relative, under age 24 and a full-time student for at least five months of the year, and must have lived with you for more than half of the year (with temporary absences for school counting as time at home). Crucially, the student must not have provided more than half of their own total financial support for the year, including expenses like food, lodging, and tuition. Additionally, the student generally cannot file a joint tax return.
The Role of the Student's Income
A student's income is not the main factor for determining dependent status. The key is whether their income and other funds cover more than half of their support costs. Money saved by the student does not count as support they provided for themselves.
Filing a Separate Return
A working student can file their own tax return to receive a refund of withheld taxes. However, if they qualify as a dependent on their parents' return, they must indicate this on their own form. They cannot claim their own personal exemption or education credits that the parents may be eligible for. Often, it is more beneficial for parents to claim the student due to potential tax breaks like the American Opportunity Tax Credit or the Lifetime Learning Credit. More details can be found in IRS Publication 501 on the IRS website.

For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024.Oct 22, 2024

Increased Child Tax Credit: The maximum credit is raised from $2,000 to $2,200 per qualifying child for 2025, with a refundable portion of up to $1,700. For 2025, claiming the credit will also require a Social Security number for both the child and at least one taxpayer on the return.

Car loan interest deduction: Taxpayers can deduct up to $10,000 in interest paid on loans for new, U.S.-assembled passenger vehicles. This is subject to income limits and requires the VIN on the tax return.