Do you have a child age 17 or older or other dependent? You can’t claim the Child Tax Credit for these individuals but you may qualify for the Credit for Other Dependents. The maximum credit is $500 for each dependent who meets certain conditions. For example, the person can be: 1) a dependent age 17 or older (such as a college student), 2) a parent or other qualifying relative supported by you, or 3) a dependent who lives with you but isn’t related. The credit begins to phase out when modified adjusted gross income is more than $200,000. For married couples filing jointly, the phaseout begins at $400,000. We can discuss your eligibility for the credit when we prepare your taxes. Call or visit our website for more information! www.mjscpa.com/
