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I.R.S. Explains
Minor Exemptions
Who Earned in ’62
Mr. A. M. Stoepler, District Director, Internal Revenue Service, announced the rules under which exemption may be claimed for children who received taxable income of $600.00 or more during 1962. If your child was less than 19 years of age at the close of 1962 or was a student, and you furnished over onehalf of his support, you may claim him as a dependent on your 1962 Federal income tax return even though he received gross income of $600.00 or more. If their income is less than $600.00, they will never less want to flT6 a return in order ,to
■ get a reftirfd idt' tiny ln6ometax withheld. , The term "student", for Federal income tax purposes means an individual who during each of 5 calendar months during the calendar year in which the taxable year of the taxpayer begins, is a fulltime student at an educational institution which maintains a regular faculty, has an established curriculum, and has an organized body of stuMen
still die with their boots on, but one foot is often on the gas pedal.
90.3%