For 2020, eligible taxpayers can claim a tax credit of $2,000 per qualifying dependent child under age 17. 6 If the amount of the credit exceeds the tax owed, then the taxpayer generally is entitled to a refund of the excess credit amount up to $1,400 per qualifying child.
Can I claim my child as a dependent if they have earned income?
For 2020, dependents who are not 65 or older or blind, who have earned income more than $12,400, must file their own return. If they earned less than $12,400 in 2020, they do not have to file a return, but may wish to do so to recover any withheld income taxes. You can still claim them as a dependent on your return.
How old is your 24 year old dependent daughter?
24 year old dependent daughter; full time student. Never filed individually before. This year she made over $6300 but less than $10350. Must she file individually? Your question is academic.
When does my daughter lose her dependent status?
If she’s still in school when she turns 25, she loses her dependent status, and if she’s 21 years old and graduates in June, you can no longer claim her as your dependent. She must be a full-time student at the end of the tax year.
Can a 30 year old work and still be a dependent?
Your daughter is usually still your dependent even if she works, and she can still be your dependent if she goes away to school. The IRS sets some reasonable limits, however. Your 30-year-old can’t live in your basement, earn as much or more than you do and take a few college classes without losing her dependent status.
How old do you have to be to be a QC dependent?
A child of a taxpayer can still be a “Qualifying Child” (QC) dependent, regardless of his/her income, if: 1. He is under age 19, or under 24 if a full time student for at least 5 months of the year, or is totally & permanently disabled 2. He did not provide more than 1/2 his own support.
