Starting in 2018, under the The Tax Cuts and Jobs Act, the dependent exemption was no longer available as a deduction on your tax return. Electing to include a child on your return can give you additional tax benefits. These could include:
- Child Tax Credit (CTC);
- Credit for Other Dependents
- Child and Dependent Care Benefits;
- Earned Income Tax Credit and Additional Child Tax Credit; and
- Tax Benefits for Education.
Child Tax Credit
If your child is under the age of 17 and is a Qualifying Child for the CTC you could receive up to a $2.000 tax credit.
Credit for Other Dependents
If your child does not meet the qualifications for the Child Tax Credit you could be eligible for the Credit for Other Dependents . You could receive up to a $500 tax credit.
Child and Dependent Care
If your child is under the age of 13 and you pay for childcare you could be eligible to receive a tax credit for up to $1,050 tax credit. To see if you qualify go to Child and Dependent Care Credit.
Earned Income Tax Credit and Additional Child Tax Credit
You do not need a child to be eligible to receive the Earned Income Tax Credit. The amount of tax credit is increased when you add up to three eligible children. To see if qualify for the credit go to Do I Qualify for EITC
Tax Benefits for Education
If your child is attending college you might be able to claim an Education Credit for up to $2,500 and up to $2,500 Student Loan Interest deduction. See Tax Benefit for Education.
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