2028 Publication 501 - Dependents, Standard Deduction, and Filing Information

Publication 501 from the Internal Revenue Service (IRS) is a comprehensive guide that provides information on dependents, the standard deduction, and filing status options for taxpayers in the United States. This publication is an essential resource for individuals and families navigating the complex world of tax preparation and claiming eligible deductions and credits.

Who Can Use Publication 501

Publication 501 is designed to be a valuable resource for a wide range of taxpayers, including:

  • Individuals who are claiming dependents, such as children, parents, or other qualifying relatives
  • Taxpayers who are considering the standard deduction or itemized deductions for their tax return
  • Individuals who need guidance on their filing status, such as single, married filing jointly, or head of household
  • Tax professionals, such as accountants and tax preparers, who need to understand the latest rules and regulations related to dependents and deductions

Determining Who is a Dependent

One of the key topics covered in Publication 501 is the criteria for claiming a dependent. The publication outlines the tests and requirements for both qualifying children and qualifying relatives. These tests consider factors such as age, relationship, residency, and financial support to determine if an individual can be claimed as a dependent on a tax return.

The publication also provides guidance on specific situations, such as divorced or separated parents, children with special needs, and other complex scenarios that can arise when claiming dependents.

Filing Status and Exemptions

In addition to information on dependents and deductions, Publication 501 also covers filing status options and the use of exemptions. The publication explains the different filing statuses, such as single, married filing jointly, head of household, and qualifying widow(er), and the criteria for each. It also provides guidance on the use of personal and dependent exemptions, which can further reduce a taxpayer's taxable income.

For the current year's Publication 501, click here.