My 20 yr old son is a full time student who earned more than $4150 working part time. TurboTax is applying the $500 Child and other dependent credit. Is this correct?

[xmasbaby0 · Accepted solution]

Yes that is correct.  He is too old to get the child tax credit.  You get the $500 credit for other dependents for him.  If he is a full-time student then the education credits go on YOUR tax return.  He can file a tax return to seek a refund of tax withheld, but must say on his return that he can be claimed as a dependent on someone else's return.

[brendave]

It is this new $500 credit that I was trying to understand. I think what confused me is that the instructions say that there is an income liimit on a "qualifying relative" to be eligible for the credit. I see now that income doesn't apply to the eligibility of a child.