The $500 Credit for Other Dependents (aka “Family Tax Credit”) was signed into law as part of the 2017 Tax Cuts and Jobs Act and is in effect for tax years 2018 through 2025.
The credit allows taxpayers a credit for certain dependents that don’t qualify for the Child Tax Credit, such as qualifying children age 17 or older, adult dependents, and dependents who have an ITIN(Individual Taxpayer Identification Number).
The Secret Ways To Access Credit for Other Dependents
- To be eligible for this credit, the qualifying must be your biological child, stepchild, adopted child, eligible foster child, sibling or half-sibling, or stepsibling.
- They haven’t already been claimed for the Child Tax Credit or Credit for Other Dependents, either by you or by anyone else;
- They are a U.S. citizen, U.S. resident alien, or U.S. national;
- They are under the age of 19 (24 for full-time students; no age limit for permanently and totally disabled children).
The credit is $500 per qualifying dependent as long as the adjusted gross income (AGI) doesn’t exceed $200,000 ($400,000 if filing jointly). The credit goes down $50 for every $1,000 that the AGI exceeds the $200,000/$400,000 limit.
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