I am having an issue with turbo tax specifically the Child and Dependent tax credit. I have 4 dependents. 2 children under the age of 17 ($2000 each), one who is 18 ($500 ), and a Mother In Law ($500). The dependent credit is only showing $3500 when it should be $5000. I looked at the learn more in the program which says:
These credits include of the Child Tax Credit and the Credit for Other Dependents. If you have a child or someone you support almost entirely, there's a good chance you're eligible for one of these tax breaks.
The Child Tax Credit is a tax break that can benefit people with children under the age of 17. You can get up to $2,000 for each child you claim. That's money in your pocket.
The Other Dependent Tax Credit is a new $500 tax break for people with dependents who are 17 or older, not necessarily related to them, or have an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. Same deal here - you'll get $500 for each dependent you claim.
What am I missing here?
