In 2017, a dependent can make up to $4,050, the amount for personal exemption. But with the repeal of personal exemption in 2018, does anyone know the income limit for an elderly parent?
You'll need to sign in or create an account to connect with an expert.
In 2018, the personal exemption goes away, but there will be a taxable income limit of $4,150 (up from $4,050 in 2017) for qualifying relative dependents. Although there is no personal exemption, there is an ''Other Dependent Credit'' of $500 available for 2018.
The limit applies to Qualifying Relatives; there is no limit for Qualifying Children, see below.
Qualifying child
Qualifying relative
If your parent and/or dependent earns over $12,000 in 2018, they will file their own return.
[Edited January 30, 2018] | 6:55 PST
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
joycesyi
Level 2
xxzero8---
New Member
magellan0
Level 3
fahezan
New Member
Chris2335
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.