Tax Deductions for Hank as a Qualifying Child

Is Hank considered a qualifying child or relative for Harold and Helen?

a) Qualifying child
b) Qualifying relative
c) Neither
d) Both

Final answer:

Final Answer:

Given his age, status as a full-time student, living situation, and financial support level, Hank is categorized as a qualifying child of Harold and Helen for tax purposes.

Based on the details provided, Hank qualifies as a qualifying child for Harold and Helen. To be a qualifying child for tax purposes, certain conditions must be met. One, the child should be under 24 years and a full-time student (which Hank is), two, the child should live with the parents for more than half the year (when not in school, Hank lives with his parents), three, the child should not have provided more than half of his own support (Hank's parents provided 80% of his support).

Therefore, Hank meets all the criteria to be considered a qualifying child, making him eligible for tax deductions for Harold and Helen.