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
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