It does not seem as if we can get an exemption deduction for kids over the age of 16. Really?
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Personal exemptions for dependents have been eliminated by the Tax Cuts and Jobs Act.
This has been compensated by the near doubling of standard deductions, the increase of the Child Tax credit (up to $2,000 per child under 17) and the new Other Dependent credit of $500.
Personal exemptions for dependents have been eliminated by the Tax Cuts and Jobs Act.
This has been compensated by the near doubling of standard deductions, the increase of the Child Tax credit (up to $2,000 per child under 17) and the new Other Dependent credit of $500.
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