Solved: I can no longer claim my last dependent child and my tax due has jumped. What can I do to reduce?
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I can no longer claim my last dependent child and my tax due has jumped. What can I do to reduce?

 
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I can no longer claim my last dependent child and my tax due has jumped. What can I do to reduce?

At this point in the filing process for 2017 taxes, there is not much you can do to affect your bottom line. 

The only tools you have in your arsenal are as follows:  to see if you are qualified to make a deductible contribution to a Traditional IRA or a self-employed retirement plan if you have self-employment income; make a contribution to a Roth IRA that would allow you to claim a Saver’s Credit; or if you were enrolled in a High Deductible Health Plan (HDHP) and you have not yet contributed to a Health Savings Account (HSA).  Nothing else comes to mind for things that you are allowed to do after December 31st of the tax year to affect your current year tax return.

Looking forward to your 2018 tax return, you should consider changing your W-4 withholdings with your employer to make up for losing the dependent.


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Highlighted
New Member

I can no longer claim my last dependent child and my tax due has jumped. What can I do to reduce?

At this point in the filing process for 2017 taxes, there is not much you can do to affect your bottom line. 

The only tools you have in your arsenal are as follows:  to see if you are qualified to make a deductible contribution to a Traditional IRA or a self-employed retirement plan if you have self-employment income; make a contribution to a Roth IRA that would allow you to claim a Saver’s Credit; or if you were enrolled in a High Deductible Health Plan (HDHP) and you have not yet contributed to a Health Savings Account (HSA).  Nothing else comes to mind for things that you are allowed to do after December 31st of the tax year to affect your current year tax return.

Looking forward to your 2018 tax return, you should consider changing your W-4 withholdings with your employer to make up for losing the dependent.


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