The child tax credit payments are part of an expanded plan made possible under the American Rescue Plan.
It’s made it possible for parents with children ages 17 and under to not only get even more money per child, but to collect half of that money ahead of time.
What happens if you care for your child but they’re too old to qualify?
This is where the Credit for Other Dependents comes in handy.
This is a one time credit that households may claim when filing their taxes.
It’s a credit worth $500 for someone living with them between 18 and 24 who attends college.
How do I claim the Credit for Other Dependents?
Once filers hit over $200,000 for income, the credit starts to phase out. For married couples that number is $400,000.
The credit isn’t available to everyone, so there are a few things that make you eligible.
First, you must claim this person as a dependent on your tax return.
You may not use the dependent to claim child tax credits.
The dependent must be a U.S. citizen, national, or resident alien.
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