If you have kids, you might qualify for either the Child Tax Credit or the Credit for Other Dependents (also known as the Family Tax Credit).
While they’re similar, there are some differences in eligibility.
An Easy Way To Differentiate Between Child Tax Credit And the Credit for Other Dependents
In Child Tax Credit:
- They must be related to you.
- They must have a Social Security Number.
- They must be younger than 17.
- They must be a US resident.
In Credit for Other Dependents
- They don’t have to be related to you.
- They must have an Individual Tax Identification Number (ITIN) or a Social Security Number.
- If they are older than 17, they can’t have gross income of more than $4,300 in 2020
- They can be a Canadian or Mexican resident.
Other requirements apply, so make sure you Visit our office today to speak with a Generational Wealth Specialist for this information.
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