Maybe $0
The maximum credit amount is $500 for each dependent who meets certain conditions. This credit can be claimed for:
Dependents who have Social Security numbers or Individual Taxpayer Identification numbers (if the parent doesn't get an ITIN or SSN you can't claim the parent despite the next sentence.
Dependent parents or other qualifying relatives supported by the taxpayer.
The credit begins to phase out for married couples filing a joint tax return at $400,000.
yes, you can deduct the medical insurance premium. However, with $400K in adjusted gross income
only medical expenses in excess of $30K (7.5% of AGI) would be deductible. In addition, your total itemized deductions must exceed the standard deduction of $27,700 for joint filers.
