Is it possible to deduct the money sent to my family overseas on my tax return?

NY. Can I deduct the money I send to my family abroad from my tax return? That is one of the most constant questions that immigrant workers who help their families in their countries of origin ask themselves.

According to the International Development Bank, in the first half of 2021 workers from the United States sent more than $68,000 million to Latin America. Since there are about 5 million immigrant workers in NY, this is one of the cities that sends the most remittances.

According Yuri Martínez, engineer in economics and finance and co-founder of the company QintiDocum: If it is possible to deduct in the tax return that we give to our relatives abroad… But “as long as very specific standards are met.”

Requirements to deduct relatives abroad

Cordero indicates that in order to deduct money sent to relatives abroad from taxes, these requirements must be met…

This deduction can only be claimed if the financial aid is for family members who are citizens of the United States, nationals of the United States, or residents of Canada or Mexico.

They also have to meet the relationship requirement. “Only qualify for this tax deduction,” Cordero clarifies, “aid given to relatives that the IRS considers close.”

Relatives who can be declared in the taxes

These are: Your child, legally adopted child, stepchild, foster child, or descendant of any of them (for example, your grandson or granddaughter).
Your brother, sister, half brother, half sister, stepbrother or stepsister.
Your father, mother, grandparent, or other direct ancestor, but not your foster parent.
Your stepfather or stepmother. A child of your brother or sister, a child of your half brother or half sister. A sibling of your father or mother. Your son-in-law, daughter-in-law, father-in-law or mother-in-law, brother-in-law or sister-in-law.

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Other requirements

In addition: The family member who is abroad must have an adjusted gross income of less than $4,400 in 2022.

Family members must have an identification number for tax purposes. These can be a Social Security number or an Individual Taxpayer Identification Number (ITIN), which can be requested through the W-7 form.

Likewise, the expert indicates that this deduction cannot be claimed “if the financial aid is for family members who are United States citizens, United States nationals, or residents of Canada or Mexico.”

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The Internal Revenue Service (IRS) announced some adjustments that would allow taxpayers to get more refunds. There are more than 60 new provisions that include increases in deductions.

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Between the changes in tax laws and the occupations of each person, many do their tax return without knowing that these 10 deductions exist. Could you benefit from any of them?

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1. Pregnancy tests On its website, the IRS reports that pregnancy test kits can be included as a medical expense, as long as they are purchased to determine if you have become pregnant (not for business).

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2. Weight Watchers and Weight Loss Programs All weight loss programs, such as Weight Watchers, Jenny Craig, etc., are tax deductible as long as the person has a medical condition, such as high blood pressure, or diabetes, and the doctor prescribes it.

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3. Items against covid-19 Masks (face masks), disinfectant wipes and liquid disinfectants are tax deductible, because they counteract the spread of covid-19.

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4. Summer Camps In some circumstances, under the Child and Dependent Care Tax Credit, parents caring for their children with disabilities, or if both parents work full time, are given an exemption so they can pay for summer camps. summer, nurseries, babysitters, children under 13 years.

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5. Donating to Charity Money you give to a charity for a legitimately qualified organization may be tax deductible. “Contributions must be paid in cash or other property before the close of your tax year,” the IRS explains.

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6. Casino, Lottery, and Gambling Losses According to tax specialists Turbotax, gambling losses are tax deductible. Mind you, you can deduct gambling losses only if you itemize your deductions on IRS Form 1040 and keep a record of your winnings and losses. In addition: the amount of losses that are deducted cannot be greater than the amount of gambling income.

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8. Smoking Cessation Programs In 1999, the Internal Revenue Service announced that the cost of these programs counts as a medical expense for taxpayers who itemize tax deductions.

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10. Medical insurance Those who are self-employed can deduct the cost of their medical insurance from their taxes. And, for those who are not self-employed, they can include the health insurance premiums paid in their tax deduction.

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9. 2022 Tax Return If you were in debt to the IRS when you filed last year’s taxes, you can include that amount as your state tax deduction on your 2023 federal return. You can also include state income taxes withheld from your paychecks or paid through quarterly estimated payments during the year.

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These tax deductions depend on each particular case, so every taxpayer has the responsibility to consult a professional, or the IRS site, to confirm if they apply.

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The Internal Revenue Service (IRS) announced that tax season will begin on Monday, January 23, 2023, through April 18.

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