Dependent credit

andersonrl · ‎April 4, 2021

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

xmasbaby0 · ‎April 4, 2021

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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

andersonrl · ‎April 4, 2021

Yes, she did turn 17. Thank you!

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Dependent credit