Federal Tax News

There’s a tax credit for parents of kids who don’t qualify to claim the child tax credit. In order to claim the child credityour child must meet certain requirements, including being under the age of 17. If the child doesn’t meet the requirements, you may be able to claim the credit for other dependents. The maximum credit amount is $500 per qualifying dependent.

A qualifying individual could be your older child, a parent or other relative. (It could even be someone not related to you.) The credit begins to phase out at $200,000 of modified adjusted gross income ($400,000 for married couples filing jointly). For more information: https://bit.ly/2AwRXE6

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