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After the Compromise of 1877
Multiple Support Agreement
An agreement that allows multiple taxpayers who support a dependent together to decide who among them gets to claim the tax benefits for that dependent.
Dependent
An individual, usually a child or spouse, who relies on another, often the taxpayer, for financial support and for whom exemptions may be claimed.
Support
Financial assistance provided for maintenance, which can include food, housing, clothing, education, and healthcare.
Standard Deduction
A fixed dollar amount that reduces the income you're taxed on, varying by filing status and adjusted annually for inflation, available to all taxpayers who do not itemize their deductions.
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