If two or more
persons together provide more than 50 percent of an individual's support,
but no one member of the group provides more than half, the individuals
may enter into a multiple support agreement.
Under this
agreement, the dependency exemption may be claimed by any person providing
more than 10 percent of the individual's support. If you are that person,
you must have each person who contributes over 10 percent sign IRS Form
2120, Multiple Support Declaration, which you submit with your tax return.
If you are
a high-income taxpayer, your deductions for personal and dependency exemptions
may be gradually phased out.
Back
to Business Home Page
Easy button Return it to long suffering taxpayers including those who have paid huge tabs to educate other people's kids…