IRS Form 2120 walkthrough (Multiple Support Declaration)

Subscribe to our YouTube channel:    / @teachmepersonalfinance2169   Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.com/irs-form-2120-instr… If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.com/free-fillable-tax-f… Purpose of Form Use Form 2120 to: • Identify each other eligible person (see below) who paid over 10% of the support of your qualifying relative whom you are claiming as a dependent, and • Indicate that you have a signed statement from each other eligible person waiving his or her right to claim that person as a dependent. An eligible person is someone who could have claimed a person as a dependent except that he or she didn’t pay over half of that person’s support. If there are more than four other eligible persons, attach a statement to your return with the required information. Note: The rules for multiple support agreements apply to claiming an exemption for a qualifying relative and don't apply to claiming an exemption for a qualifying child. For the definitions of “qualifying relative” and “qualifying child,” see the instructions for your tax return and Pub. 501.