How Much Does a Dependent Reduce Your Taxes?
Content
- Qualifying Children and Qualifying Relatives
- Education-related deductions and tax credits
- Get your max refund
- What Are the Tests for a Qualifying Child?
- Why claim someone as a dependent?
The CTC is a tax benefit granted to taxpayers for each qualifying dependent child. The amount for the 2022 tax year is $2,000, and a qualifying child must be under 17 at the end of 2022. Claiming dependents can save you a good bit of money at tax time.
This nonrefundable tax credit allows you to claim a credit of up to $14,890 for qualifying adoption expenses for adoptions finalized in …
Read More