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Key Takeaways. The Child Tax Credit is up to $2,000. The Credit for Other Dependents is worth up to $500. The IRS defines a dependent as a qualifying child (under age 19 or under 24 if a full-time student, or any age if permanently and totally disabled) or a qualifying relative.
Its possible, but once youre over age 24, you can no longer be claimed as a qualifying child. The only exception to this is if youre permanently and totally disabled. However, you can be claimed as a qualifying relative if you meet these requirements: Your gross income is less than $4,700.
In addition to meeting the qualifying child or qualifying relative test, you can claim that person as a dependent only if these three tests are met: Dependent taxpayer test. Citizen or resident test, and. Joint return test.
There are seven federal income tax rates and brackets in 2023 and 2024: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your taxable income and filing status determine which rates apply to you. Internal Revenue Service.
Qualifying dependent (relative) requirements The person cant be anyones qualifying child. The person must either be: Related to you in one of the following ways as a: Child, stepchild, or foster child. Sibling, half-sibling, or step-sibling. The persons gross income for the 2023 tax year must be below $4,700 (for 2023)
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Dependents If you can be claimed as a dependent by another taxpayer, your standard deduction for 2023 is limited to the greater of: (1) $1,250, or (2) your earned income plus $400 (but the total cant be more than the basic standard deduction for your filing status).

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