Solved: Can we no longer claim an exemption for our kids with the new tax reform law?

Can we no longer claim an exemption for our kids with the new tax reform law?

It does not seem as if we can get an exemption deduction for kids over the age of 16. Really?

posted

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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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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"