One Requirement for Claiming a Dependent Other Than a Qualifying

question 30

True/False

One requirement for claiming a dependent other than a qualifying child is that the taxpayer provides more than 50 percent of the dependent's support (assuming it is not a multiple support agreement situation).

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Definitions:

Personal Line

A personal line of credit, a type of unsecured loan that provides a borrower access to a set amount of money which they can borrow from as needed.

Prime Rate

The interest rate that banks charge their most creditworthy customers.

Loan Repayment

The process through which a borrower returns borrowed money to the lender, usually in scheduled installments.

Commercial Paper

An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts payable and inventories, and meeting short-term liabilities.