Video: Examples of Filing Status and Dependents

In this lesson, Nick Palazzolo, CPA, breaks down the nitty-gritty of determining filing status and claiming dependents on tax returns with real-world examples. Delving into scenarios such as whether parents can claim their full-time student daughter with no income, to the quirkier question of whether pets count as dependents (spoiler: they don't!). Nick also clarifies less straightforward cases, like claiming financial dependents who are not direct relatives, and what counts for tax purposes when it comes to identifying a qualifying child or relative. The session wraps up with an amusing, yet instructive, example involving a last-minute New Year's Eve marriage, and how this affects filing status. It's a practical walkthrough to ensure that every checkbox for claiming dependents is correctly marked and understood.