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The credit is also fully refundable for 2021. as well as a new Credit for Other Dependents, which is worth up to $500 per qualifying dependent (not to be confused with the Child and Dependent Care Credit)įor your 2021 tax return that you will prepare in 2022, the Child Tax Credit is expanded by the American Rescue Plan raising the per-child credit to $3,600 or $3,000 depending on the age of your child.a bigger Additional Child Tax Credit (up to $1,400 per qualifying child).a larger Child Tax Credit (now worth up to $2,000 per qualifying child).This adds up to substantial savings on your tax bill.įor tax years 2018 through 2020, exemptions have been replaced by: For tax years prior to 2018, every qualified dependent you claim, you reduce your taxable income by the exemption amount, equal to $4,050 in 2017.
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Why? Because it could save you thousands of dollars on your taxes. If you have a family, you need to know how the IRS defines “dependents” for income tax purposes. Having trouble deciding if your Uncle Jack, Grandma Betty or daughter Joan qualifies as a dependent? Here's a cheat sheet to quickly assess which of your family members you can claim on your tax return. You cannot claim a person who claims another dependent on their taxes, files a joint tax return with a spouse (except in some cases defined by the IRS), or is claimed as a dependent on someone else’s tax return.A qualifying dependent may have a job, but you must provide more than half of their annual support.The IRS defines a dependent as a qualifying child under age 19 (or under 24 if a full-time student) or a qualifying relative who makes less than $4,300 a year (tax year 2021).The Credit for Other Dependents is worth up to $500. For tax year 2021, the Child Tax Credit is up to $3,600 or $3,000, depending on the age of your child.For information on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.