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Child Tax Credit



 
 
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LILLIPUTIANNA
Posts: 1,038
3/4/13 1:20 P

Basically, you got credit for him being 17 LAST year. It was his last full year of being a minor. This year, he is an adult.



CAMEOSUN
SparkPoints: (70,980)
Fitness Minutes: (5,111)
Posts: 9,263
3/4/13 1:12 P

Thanks for your replies on this. The thing that gets me is...as you know...at times 18 is considered legal age for whatever reasons. Other times it's 21. But, for tax purposes...at 17 he's still finishing high school (w/honors). Not working. It's the point of the matter that's wrong.

For taxes: 17 y.o. is considered a "dependent" but yet...we get NO child tax credit for him. Just doesn't make sense.



LOLEMA
SparkPoints: (88,367)
Fitness Minutes: (109,259)
Posts: 4,240
3/3/13 5:08 P

We have an accountant who does are taxes. I just learned that you can claim a child or relative as qualified relative as long as they don't earn over 3800 per year?



DADOFSPARKGAL
Posts: 453
3/3/13 5:00 P

IRS Publication 972 states: A qualifying child for purposes of the child tax credit is a child who:
Was under age 17 at the end of 2012,

As to why - unless you were to actually go research the legislative history I don't have a guess other than maybe they wanted to save some money so cut it off at age 17.... Sorry!



CAMEOSUN
SparkPoints: (70,980)
Fitness Minutes: (5,111)
Posts: 9,263
3/3/13 3:32 P

Anyone know why this is? Our 17 y.o. still lives at home, goes to high school. Why age 17 for tax credit limit on child?
************************

From Tax page:

**The Most Important Things to Know About the Child Tax Credit

*Your child must be under age 17 for the entire year in order to qualify for either of these credits. That means that, unfortunately, if your child turned 17 on December 31, 2012, you wouldn't qualify.




 
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