WebApr 10, 2024 · The maximum credit value for the Credit for Other Dependents is $500 per qualifying dependent. It begins to phase out for single taxpayers who earn more than … WebApr 5, 2024 · Our total income is much less than $400,000 which is the max AGI when child credit starts to phase out. I have one qualified child and one adult dependent. Why TurboTax calculates my Child and Other Dependent Tax Credit to only $1000? I assumed that it should be $2500 (the full credit: $2000 for the child and $500 for the other dependent). Thanks.

You may benefit from the Credit for Other Dependents

WebApr 5, 2024 · Child Tax Credit. If you are responsible for a child or other dependent, you may qualify for a credit on your tax return. Even if you do not normally file a tax return, you may … WebFeb 10, 2024 · Claiming the Amount for an Eligible Dependant credit on your tax return is not as straightforward as many of the other credits parents and caretakers can claim for their dependants. Formerly referred to as the Equivalent-to-Spouse amount, the Amount for an Eligible Dependant Credit is a Non-Refundable Tax Credit designed for single adults who … lensa job search

Rules for Claiming a Dependent on Your Tax Return

WebMar 20, 2024 · The short answer is yes, but to qualify for the $500 other dependent credit they need to qualify as a qualifying relative and have a valid social security number. As a tax preparer or accountant, you may have clients who are U.S. taxpayers with family members living in Mexico. They might wonder whether they can claim these relatives as dependents … WebFeb 16, 2024 · The $500 Credit for Other Dependents (aka “Family Tax Credit”) was signed into law as part of the 2024 Tax Cuts and Jobs Act and is in effect for tax years 2024 … WebApr 11, 2024 · As with Healey’s plan, the House proposal would combine two existing tax credits — child care and dependent care — to create one $600 credit per dependent, while eliminating the current cap. lensa kontak