The parents may be able to claim the credit for dependents, however. “If the student is a dependent on their parents’ tax return, the parents will be able to claim the credit if the other rules are met,” Benson says. “The student must be the taxpayer, the taxpayer’...
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The child tax credit and the credit for other dependents are figured on:Form 8812, Credits for Qualifying Children and Other Dependents Instructions for Schedule 8812 The credit for other dependents and $300 of the child tax credit are nonrefundable credits: they are limited by your ordinary ...
If the CTC exceeds taxes owed, families may receive up to $1,700 per child as a refund for the 2024 tax year. Credit for Other Dependents: Other dependents, including those of any age, including 18 or older, and full-time students ages 19 through 24 might be eligible to receive a non...
Tax Credits OverviewEarned Income Credit (EIC)Child Tax Credit and the Credit for Other Dependents Health Insurance Premium Tax Credit ◄ Current DocumentCredit for Child and Dependent Care ExpensesCredit for the Elderly and DisabledAdoption Credit for Qualified Adoption Expenses ► Homeowner Tax Bene...
Child Tax Credit (CTC): Up to $2,000 for each qualifying child. Credit for Other Dependents (ODC): $500 for each qualifying individual. Additional Child Tax Credit (ACTC): The IRS has raised the amount for the Additional Child Tax Credit (ACTC) in 2024 to $1,700, up from $1,600...
If you pay for childcare so you can work, you may be entitled to a hefty tax credit. Tax deductions and credits for dependents - find a comprehensive list of all tax credits and tax deductions you may be able to claim when you have at least one dependent on your tax return. TurboTax...
If the CTC exceeds taxes owed, families may receive up to $1,700 per child as a refund for the 2024 tax year. Credit for Other Dependents: Other dependents, including those of any age, including 18 or older, and full-time students ages 19 through 24 might be eligible to receive a non...
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For the 2024tax year, specific examples of nonrefundable tax credits include the:78 Adoption credit Lifetime Learning Credit Residential energy credit Work opportunity credit Child and Dependent Care Credit Other dependents credit Retirement Savings Contributions Credit ...