The IRS dependent exemption is aimed at taxpayers who need to pay for dependents. Read more, https://nationaltaxreports.com/what-is-the-irs-dependent-exemption/ Most commonly, parents would apply for this because they have children. However, it also applies to other dependents.
The acronym EET stands for exempt-exempt-taxable, which means an investor can get two exemptions on their assets.
The first exemption indicates that a certain investment is exempt.
The second indicates that dividends and interest earned throughout the holding term are tax free as well.
taxable , on the other hand, means that the lump sum received at maturity or withdrawal is taxable.
An example of EET is an equity-linked savings plan (ELSS).
An ELSS has a three-year statutory lock-in period and is eligible for a tax exemption under the IT act, which allows for a tax exemption up to $1.5 lakh.
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