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That's correct. Personal exemptions for dependents (and the taxpayer himself) will no longer be allowed. It will be replaced by an increase in the standard deduction . Which means dependents, other than children, are near worthless. Having a dependent might qualify you for Head of household, if you are not married
There never was an actual tax credit for dependents. The dependent exemption was a $4050 deduction from income before tax was calculated.
That's correct. Personal exemptions for dependents (and the taxpayer himself) will no longer be allowed. It will be replaced by an increase in the standard deduction . Which means dependents, other than children, are near worthless. Having a dependent might qualify you for Head of household, if you are not married
There never was an actual tax credit for dependents. The dependent exemption was a $4050 deduction from income before tax was calculated.
The bill would creates a temporary credit for non-child dependents: It would allow parents to take a nonrefundable $500 credit for each non-child dependent whom they're supporting, such as a child 17 or older, an ailing elderly parent or an adult child with a disability.
http://money.cnn.com/2017/12/15/news/economy/gop-tax-plan-details/index.html at #6.
[Answer edited to add word nonrefundable as indicated in actual Conference bill].
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