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Deductions & credits
The new tax law eliminated exemptions, starting in 2018. 2017 was the last year a $4050 exemption deduction was allowed.
The standard deduction was doubled and the Child Tax credit (CTC) was also doubled. A new (up to) $500 credit for other dependents was added for dependents who did not qualify you for the CTC.
May 21, 2020
8:55 AM