So my old son turned 17 in 2019. I understand that I can’t claim child credit anymore.
since we are using standard deduction, we can’t take an personal exemptions.
basically once your kid turns 17, you don’t get any tax benefit anymore?
it doesn’t matter if you claim him/her as dependent.
sad part is that they can’t claim EIC until 25.
Based on the wording of your post the elimination of the child tax credit (CTC) probably was known to you last year. But all is not lost!
There is a $500 Credit for Other Dependents who do not qualify for the $2,000 CTC. This $500 nonrefundable credit is available for dependents who don’t qualify for the CTC, such as children who are age 17 and above, dependents with other relationships (such as elderly parents), etc.
Please note that it is a nonrefundable credit meaning that it will be applied to your tax liability, but if it reduces your tax liability to zero dollars, it is not refundable.
Also remember that the personal and dependent exemption went away two years ago and in its place the standard deduction was virtually doubled in all filing statuses.
So all is not lost!
This reply was modified 1 year, 12 months ago by dienerte.