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The Credit for Other Dependents is a $500 tax break for some of your qualifying dependents who don't qualify for the Child Tax Credit. You can get this credit for children, relatives and people ...
However, dependent children who were age 17 or younger at the end of the 2022 might qualify you for an additional child tax credit that would allow up to $1,500 of the credit to be refunded.
Alternative: The Credit for Other Dependents If you cannot claim your dependents for the Child Tax Credit, they may still qualify for a non-refundable tax credit of up to $500, known as the Credit ...
e. The United States federal child tax credit (CTC) is a partially-refundable [a] tax credit for parents with dependent children. It provides $2,000 in tax relief per qualifying child, with up to $1,400 of that refundable (subject to a refundability threshold, phase-in and phase-out [b] ). In 2021, following the passage of the American Rescue ...
The United States federal earned income tax credit or earned income credit ( EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children. Low-income adults with no children are eligible. [1]
t. e. Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
Do not confuse the credit for other dependents of $500 with the child and dependent care credit, which enables you to receive a tax credit of up to $8,000 for one dependent — or $16,000 for two ...
The personal exemption is eliminated—this was a deduction of $4,050 per taxpayer and dependent, unless it is in an estate or trust. The child tax credit (CTC) is doubled from $1,000 to $2,000, $1,400 of which will be refundable. There is also a $500 credit for other dependents, versus zero under current law.