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?
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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
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