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Deductions & credits
You may be eligible for the Other Dependent Credit worth $500. This is a non-refundable credit, but it can reduce your taxes owed. You gross income must be below $200,000 or $400,000 if filing jointly.
You may also be eligible to claim some education credits if they are full time students. The American Opportunity Credit can be worth up to $2,500 per eligible sudent and the Lifetime Learning Credit can be worth up to $2,000 per tax return. The IRS has a great interactive assistant that can help you determine if your eligible.
Again, your income must be below the threshold of $90,000, or $180,000 if filing jointly.
Hope this helps!
Cindy
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‎July 31, 2024
9:37 AM