A Taxpayer Who Is Claimed as a Dependent on Another's

question 42

True/False

A taxpayer who is claimed as a dependent on another's tax return may not claim any personal or dependency exemptions on his or her tax return.

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Definitions:

Postdated Check

A postdated check is a check written with a future date, indicating when it can be deposited or cashed.

Insufficient Funds

A situation where an account does not have enough money to cover a transaction, resulting in rejection or fees.

Dishonored Check

A check that a bank refuses to honor or pay because the account holder does not have sufficient funds.

Dishonor

The refusal or inability to fulfil an obligation, especially in relation to financial instruments like checks or promissory notes.