topic dependents exemption in Deductions & credits

dependents exemption

mrams99 — Thu, 21 May 2020 14:50:44 GMT

Why don't I see the exemptions for children (dependents) but only see the child tax credit?

Re: dependents exemption

VolvoGirl — Thu, 21 May 2020 14:54:50 GMT

You only get one or the other. And there is no more personal exemptions since they increased the Standard Deduction.

Re: dependents exemption

Hal_Al — Thu, 21 May 2020 19:04:53 GMT

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.