What is Credit for Other Dependents?

The Credit for Other Dependents is a tax credit available to taxpayers for each of their qualifying dependents who can't be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent who meets certain conditions:

• Dependents who are age 17 or older.

• Dependents who have individual taxpayer identification numbers.

• Dependent parents or other qualifying relatives supported by the taxpayer.

• Dependents living with the taxpayer who aren't related to the taxpayer.

The credit begins to phase out when the taxpayer's income is more than $200,000. This phaseout begins for married couples filing a joint tax return at $400,000.

CONTACT US TODAY if you have any questions or need help with the preparation of your tax returns.

Sincerely,

Maryna Varabyova, CPA

(877) 677-3737

vm.acc4u@gmail.com