- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You will want to reduce the number of dependents you are claiming on your W4s. It sounds like in previous years you may have had multiple dependents that qualified for the Child Tax Credit, but at this point you only have one (the 10 year old). A child who has turned 17 doesn't qualify for the Child Tax Credit (up to $2000/yr) any longer, but might potentially qualify for the Credit for Other Dependents ($500/yr).
'
If your 17 year old turned 17 during 2023, you already saw the impact of this on your most recent tax filing. On the other hand, if your 17 year old turned 17 during 2024, you will see an additional $1500 unfavorable change ($2000 -> $500) when you go to file taxes for 2024 next year.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
May 29, 2024
10:02 AM