What is a collateral dependent?
Collateral dependent loans to be measured using fair market value of collateral. As defined in FAS 114, a loan is collateral dependent if repayment of the loan is expected to be provided solely by the underlying collateral.
What is a sponsored dependent child?
A Sponsored Dependent is defined as a person other than the Subscriber, more specifically defined as:• At least the age of majority• Not a relative. If a covered Employee, Spouse or Sponsored Dependent is the Legal Guardian of a child or children, these children may be enrolled in this Plan as covered Dependents.
Who are the dependent children?
A dependent child is any person aged 0 to 15 in a household (whether or not in a family) or a person aged 16 to 18 in full-time education and living in a family with his or her parent(s) or grandparent(s). It does not include any people aged 16 to 18 who have a spouse, partner or child living in the household.
What qualifies as a dependent for taxes?
Dependents are either a qualifying child or a qualifying relative of the taxpayer. Some examples of dependents include a child, stepchild, brother, sister, or parent. Individuals who qualify to be claimed as a dependent may be required to file a tax return if they meet the filing requirements.
Can a parent be a dependent?
Your parent must first meet income requirements set by the Internal Revenue Service to be claimed as your dependent. To qualify as a dependent, Your parent must not have earned or received more than the gross income test limit for the tax year. The gross income limit for 2020 and 2021 is $4,300.
Which of the following are not fundable by annuities?
Which of the following are NOT fundable by annuities? Annuities can also be used to liquidate an estate. Annuities do not provide death benefits; those are provided by life insurance.
Can a permanent resident sponsor their child?
If you are a U.S. green card holder (permanent resident), you might be able to petition for your foreign-born children who are age 21 or older (referred to as “sons or daughters” by U.S. immigration law) to immigrate to the U.S. and receive lawful permanent residence (green cards).
Can I claim my cousin as a dependent?
You can claim a cousin as a dependent if all of the following applies: He is not a qualifying child dependent of another taxpayer (usually parents or grandparents). He lived with you for the entire year. He earned less than 4,050 dollars.
Who can claim a dependent child?
You can claim a child as a dependent if he or she is your qualifying child. Generally, the child is the qualifying child of the custodial parent. The custodial parent is the parent with whom the child lived for the longer period of time during the year.
What is a non dependent child?
A non-dependent child refers to a natural, adopted, step or foster child of a couple or lone parent usually resident in the household, who is aged 15 years and over and is not a full-time student aged 15-24 years, and who has no identified partner or child of his/her own usually resident in the household.
What is a collateral relative and why do they matter?
Mortgages — The home or real estate you purchase is often used as collateral when you take out a mortgage.
Can I claim them as a dependent?
Understandably, many parents get in the habit of claiming their children as dependents on their federal tax returns. You generally may do so as long as your child is either under age 19 (nonstudents) or under age 24 (students). But there is a reason to not claim your child as a dependent – and it has everything to do with higher education.
What are the types of collateral?
Consumer Goods. These are primarily items bought by any consumer.
What is eligible collateral?
“Ideal collateral are accounts receivable or inventory that’s easily valued and monetized. These include commodities such as metal, lumber, food, fuel or oil. Generally, the faster that the asset turns, the more attractive it is as collateral.”