DavidD66
Expert Alumni

Deductions & credits

There is the $500 Credit for Other Dependents (aka “Family Tax Credit”) that was signed into law as part of the 2017 Tax Cuts and Jobs Act and is in effect for tax years 2018 through 2025.

The credit allows taxpayers a credit for certain dependents that don't qualify for the Child Tax Credit, such as qualifying children age 17 or older, adult dependents, and dependents who have an ITIN.

 

The credit is $500 per qualifying dependent as long as your adjusted gross income (AGI) doesn’t exceed $200,000 ($400,000 if filing jointly). The credit goes down $50 for every $1,000 that the AGI exceeds the $200,000/$400,000 limit.

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