Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500. To take the credit your dependent must meet certain conditions.
For example, the dependent you are claiming must be age 17 or older and have an individual taxpayer identification number. Other dependents also include dependent parents or other qualifying relatives supported by the taxpayer and dependents living with the taxpayer who aren’t related to the taxpayer.
Here are some additional facts about the credit for other dependents:
- The credit begins to phase out when the taxpayer’s income is more than $200,000 ($400,000 for married couples filing a joint tax return).
- Taxpayers can claim the credit for other dependents in addition to the child and dependent care credit and the earned income credit.
- The dependent must be a U.S. citizen, national or resident alien.
- A taxpayer can claim this credit if they claim the person as a dependent on the taxpayer’s return.
- The dependent cannot be used to claim the child tax credit or additional child tax credit.
For more information about this and other tax credits that could lower your taxes this year, please contact the office.
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.