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ezshopr
Returning Member

2018 estimates: $500 Non-Child dependent credit. Is it $500 per dependent child 17-24? When itemizing is it deducted off the total income like personal exemptions were?

 
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DawnC0
Intuit Alumni

2018 estimates: $500 Non-Child dependent credit. Is it $500 per dependent child 17-24? When itemizing is it deducted off the total income like personal exemptions were?

Yes to your first question. The non-refundable 2018  $500 non-child ''Other Dependent'' credit is given for EACH dependent over the age of 17.  Taxpayers with dependents under 17, will get a $2000 credit (Child Tax), $1400 of which is refundable.   

And no, to your second question.  It is not a deduction like a personal exemption or an itemized deduction; it is a credit you can take in addition to the standard deduction or itemized deductions.  

Unlike a personal exemption that would have reduced taxable income, the credit directly reduces your tax bill.  

What is the $500 Credit for Other Dependents?

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DawnC0
Intuit Alumni

2018 estimates: $500 Non-Child dependent credit. Is it $500 per dependent child 17-24? When itemizing is it deducted off the total income like personal exemptions were?

Yes to your first question. The non-refundable 2018  $500 non-child ''Other Dependent'' credit is given for EACH dependent over the age of 17.  Taxpayers with dependents under 17, will get a $2000 credit (Child Tax), $1400 of which is refundable.   

And no, to your second question.  It is not a deduction like a personal exemption or an itemized deduction; it is a credit you can take in addition to the standard deduction or itemized deductions.  

Unlike a personal exemption that would have reduced taxable income, the credit directly reduces your tax bill.  

What is the $500 Credit for Other Dependents?

slang
Returning Member

2018 estimates: $500 Non-Child dependent credit. Is it $500 per dependent child 17-24? When itemizing is it deducted off the total income like personal exemptions were?

The above is slightly off: The $500 credit is not for dependents "over 17". In the tax year your dependent turns 17, the credit drops from $2,000 to $500. And the credit is not like the Standard Deduction, which reduces taxable income. The credit can only reduce tax. If there is no tax owed or the credit is larger than the tax owed, the remainder may be used to calculate a refundable credit.

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