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Show Income Tax Facts Editor's Note With the approaching ap-proaching income tax time, come queries concerning tax problems. As a special service to readers, a column of information infor-mation on filing a federal income in-come tax return will be given each week for the next few weeks. There are many deductions deduc-tions that John Taxpayer, Joe Taxpayer and the merchants can take and some kinds of income in-come are not taxed. That's what the columns are about. Be sure to read every one. If you have a specific problem, not covered in the series, consult con-sult an accountant or the office of-fice of internal revenue as early as possible. How many exemptions can I claim? Each exemption is a $600 deduction. de-duction. That is, for each exemption ex-emption you are allowed to make $600 tax free. Exemptions determine the amount of tax-free income you are allowed each year, and are - devised to make the tax fair between single persons, married couples, and large and small families. You are entitled to one exemption ex-emption for yourself. You are entitled to one additional exemption ex-emption if, on December 31, 1958, you had attained 65 years of age, or if you were blind. If you were both 65 and blind, you are entitled to two additional exemptions. You are also entitled to exemptions on the same basis for your wife, if you file a joint return. If you file a separate return, you can claim your wife's exemptions ex-emptions only if she has no income and was not claimed on any other taxpayers return for 1958. If your wife or husband died in ' 1958, the additional exemptions exemp-tions for age and blindness are determined as at the date of death, rather than December 31st. You are entitled to one exemption ex-emption for each dependent. Additional exemptions for old age and blindness apply only to you and your wife or husband, hus-band, not to dependents. Each dependent must qualify quali-fy under all five of the following follow-ing conditions. 1. Dependent must have received re-ceived over one-half of his support sup-port from you in 1958. Dependent did not have over $600 income in 1958, besides what you provided, unless the dependent was your child or stepchild under 19 years of age, of if over 19 years of age, a full time student, in which case the .dependent child can earn any amount as long as you actually ac-tually provide over one-half of the cost of support. 3. Dependent is not claimed by any other taxpayer and does not file a joint return with another an-other taxpayer. For instance, do not list a dependent married daughter who files a joint return re-turn with her husband. .4. Dependent must be a citizen citi-zen of the United States or a resident of the United States, Canada, Mexico, The Republic of Panama or the Canal Zone. 5. Dependent must be closely related to you or be anyone else who meets requirements 1, 2, 3 and 4 above and had your home as his principal place of abode and was a member f your household, even if not related re-lated to you. If the dependent has worked part time and earned less than $600 in 1958 or was your child under 19, or over 19 and a student, stu-dent, an income tax was with- held from such earnings, the dependent should file a tax return re-turn to secure refund of the tax withheld. This will in no way prevent you from also claiming the exemption ex-emption for the dependent, provided pro-vided of course, that dependent meets all five of the above conditions. con-ditions. If your dependent can qualify quali-fy in all was except that you do not furnish over one-half of his support then perhaps you can ' arrange with the others who contribute to his support for you to claim the credit anyway any-way under a multiple Support Agreement Form 2120. |