What are the tax implications of receiving a gift?

Claiming a child on your tax return can lower your taxes and raise your refund. You can claim a “qualifying child” or “qualifying relative” as dependent. Use this tool to find out what you need to do to get a tax refund (rebate) if you've paid too much Income Tax. If you are a New Mexico resident, you must file if you meet any of the following conditions: You file a federal return;; You want to claim a refund of any New ... You owe tax on your 2024 Colorado state income tax return, or you are claiming a refund of wage withholding. How do I get the TABOR refund? Don't overlook these 11 common tax deductions · 1. Retirement contributions and Traditional IRA deductions · 2. Student loan interest deduction · 3. Self- ... How soon will I receive my first benefit payment after I submit my completed claim form? ... Do I need to report my Disability Insurance benefits for tax purposes ... If I owe child support, will my tax return be applied to my child support arrears? ... If you filed an injured spouse claim with your return and are ... Kentucky taxpayers claiming the child and dependent care credit must file Form 740 or 740-NP. The credit is claimed on Line 25 of Form 740 or Form 740-NP by ... Qualifying relatives can include children who do not meet the Qualifying Child Age Test, other relatives (for example, parents, grandparents, uncles, aunts, and ... I am claiming the SLRTC for the first time. What information do I need to provide with my tax return? 1. Who is a qualified individual that can claim the SLRTC?