What's a "dependent"?

What's a "dependent"?

John Stoller, CPA (Certified Public Accountant) gives expert video advice on: What are "income taxes"?; What is the "IRS"?; What are "tax-favored investments"? and more...

A dependent is someone that you pay over half the support of. A dependent is your child under age 18 unless they're a full time student, then they're classed as a dependent to age 25 unless they're disabled, unless they're your parents. That's an interesting thing; what's a dependent? A close friend that you support- that could be your dependent as long as they don't have income over 80,000 dollars.