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  • What Is Form 2120: Multiple Support Declaration? - Turbotax Tax Tips ...

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Form 2120 Multiple Support Declaration Attach to Form 1040 or Form 1040A of Person Claiming the Dependent. (Rev. January 1994) Department of the Treasury Internal Revenue Service OMB No. 1545-0071.

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A multiple support agreement is a document which is signed by two or more taxpayers who provide the financial support for a single dependent. This agreement allows several persons who jointly support a dependent to take turns claiming this person as a dependent on their tax returns.

A multiple support agreement is a document which is signed by two or more taxpayers who provide the financial support for a single dependent. This agreement allows several persons who jointly support a dependent to take turns claiming this person as a dependent on their tax returns.

The purpose of the multiple support agreement is to allow one member of a group to claim a dependency exemption when the members together contribute more than 50% of the support of another person and each member of the group contributes over 10%.

Answer and Explanation: Multiple support agreement permits a taxpayer to claim dependency exemption of a dependant when more than one taxpayer is supporting that dependent. Permission to claim the exemption is granted by other taxpayers who are financially supporting the dependent.

Taxpayers use Form 2120 when they want to claim a relative as a dependent on their tax return, but they don't pay enough of the cost of supporting that relative to do so under normal tax rules. If other people who contribute to the cost of caring for that relative agree, the taxpayer may be able to claim the dependent.

To claim someone as a dependent, you must pay over 50% of that person's living expenses (support). If no one meets this support test, but two or more of you together provide over 50% of a person's support, then one of you can claim that person as a dependent.

Use Form 2120 to: Identify each other eligible person 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.

You can also enter your W-2s in the Wages & Income section of TurboTax. TurboTax will simply ask you: “Do you have another W-2 to enter?” Click 'yes', and you're on your way.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232