topic Re: Dependent credit in Deductions & credits

Dependent credit

andersonrl — Mon, 05 Apr 2021 03:03:14 GMT

Last year we received a $2000 dependent tax credit for our child. This year it is $500. Why the difference?

Re: Dependent credit

xmasbaby0 — Mon, 05 Apr 2021 03:07:35 GMT

Did your child turn 17 in 2020? You lose the child tax credit in the tax year in which the child turns 17 and instead you get the $500 credit for other dependents under the 2020 tax laws. The child tax credit is changing effective for 2021.

Re: Dependent credit

andersonrl — Mon, 05 Apr 2021 03:11:09 GMT

Yes, she did turn 17. Thank you!