You may qualify for a tax credit up to $500 per dependent.
- Dependents include sons, daughters, parents, other relatives, and significant others who live with you and are 17 years-of-age or older.
- The qualifying dependent must be a U.S. citizen, U.S. national, or U.S. resident alien.
Don’t forget about the Child Tax Credit.
- The maximum tax credit is $2,000 for each qualifying child under age 17 depending on your income.
- The child must have a Social Security Number before the due date of your tax return to be claimed as a qualifying child.
Both credits begin to phase out at $200,000 of modified adjusted gross income ($400,000 for married couples filing jointly).
There are additional child and dependent tax credits that may apply to you. The tax laws are complicated. Contact one or our 15 convenient locations for more information or call 317-897-9964.