Am I reading this right?

[Traci_Momof2]

What are you reading?

Screenshot_20240202_112246_Chrome.jpg

See my other responses. What you clipped here is specifically for the Child Tax Credit, which is different than just claiming him as a dependent or claiming the Other Dependent Credit.

[MrsDavidB]

Traci has the right information.

[Anonymous 1]

You can still claim him as a dependent if he still lives with you for more than half the year and you provided more than half of his support for the year. And children who are still a student can be claimed as a dependent up to age 24. My oldest turned 19 near the end of 2023 but he was still in HS for the first part of 2023 so I can still claim him as a dependent for 2023.

There is an "other dependent" credit of $500 that you could qualify for. At 17 he does NOT qualify for the Child Tax Credit anymore (up to $2000 based on income etc). That's the big difference. For example, my youngest just turned 17 in Jan 2024. So for 2023 income taxes I'll still get the $2,000 credit for him. For 2024 I'll only get the $500 credit.

So definitely still claim him and keep claiming him as long as you can. It's just that at age 17 the benefits reduce, but it doesn't necessarily mean that you can't claim him.

NOTE: If he gets a job while he is still your dependent, if he files his own tax return make sure he marks "someone else can claim me as a dependent" on his return otherwise the IRS could flag your returns.

Thank you for explaining this is all new to me. So should we adjust our tax withholdings to 3 adults 1 child (my 13 year old)? Is that how that works?

[Traci_Momof2]

You can still claim him as a dependent if he still lives with you for more than half the year and you provided more than half of his support for the year. And children who are still a student can be claimed as a dependent up to age 24. My oldest turned 19 near the end of 2023 but he was still in HS for the first part of 2023 so I can still claim him as a dependent for 2023.

There is an "other dependent" credit of $500 that you could qualify for. At 17 he does NOT qualify for the Child Tax Credit anymore (up to $2000 based on income etc). That's the big difference. For example, my youngest just turned 17 in Jan 2024. So for 2023 income taxes I'll still get the $2,000 credit for him. For 2024 I'll only get the $500 credit.

So definitely still claim him and keep claiming him as long as you can. It's just that at age 17 the benefits reduce, but it doesn't necessarily mean that you can't claim him.

NOTE: If he gets a job while he is still your dependent, if he files his own tax return make sure he marks "someone else can claim me as a dependent" on his return otherwise the IRS could flag your returns.

Thank you for explaining this is all new to me. So should we adjust our tax withholdings to 3 adults 1 child (my 13 year old)? Is that how that works?

Are you asking about adjusting your Form W4 that you give to your employer? That's entirely up to you but it wouldn't hurt. But it wouldn't be 3 adults 1 child. Do you and your husband file "married filing joint"? If so, you check that box at the top and that takes care of the two of you. Then down in Step 3 is where you put dependents. You could put the $2,000 on the one and the $500 on the other for a total of $2,500 on line 3. If you and your husband both work you want to check out Step 2 and consider checking the box on item (c).

[Anonymous 1]

You can still claim him as a dependent if he still lives with you for more than half the year and you provided more than half of his support for the year. And children who are still a student can be claimed as a dependent up to age 24. My oldest turned 19 near the end of 2023 but he was still in HS for the first part of 2023 so I can still claim him as a dependent for 2023.

There is an "other dependent" credit of $500 that you could qualify for. At 17 he does NOT qualify for the Child Tax Credit anymore (up to $2000 based on income etc). That's the big difference. For example, my youngest just turned 17 in Jan 2024. So for 2023 income taxes I'll still get the $2,000 credit for him. For 2024 I'll only get the $500 credit.

So definitely still claim him and keep claiming him as long as you can. It's just that at age 17 the benefits reduce, but it doesn't necessarily mean that you can't claim him.

NOTE: If he gets a job while he is still your dependent, if he files his own tax return make sure he marks "someone else can claim me as a dependent" on his return otherwise the IRS could flag your returns.

Thank you for explaining this is all new to me. So should we adjust our tax withholdings to 3 adults 1 child (my 13 year old)? Is that how that works?

Are you asking about adjusting your Form W4 that you give to your employer? That's entirely up to you but it wouldn't hurt. But it wouldn't be 3 adults 1 child. Do you and your husband file "married filing joint"? If so, you check that box at the top and that takes care of the two of you. Then down in Step 3 is where you put dependents. You could put the $2,000 on the one and the $500 on the other for a total of $2,500 on line 3. If you and your husband both work you want to check out Step 2 and consider checking the box on item (c).

w4.JPG

Thank you that's exactly what I needed to know. Yes married filing jointly and I don't work only he does.

[Olioxenfree]

What are you reading?

Screenshot_20240202_112246_Chrome.jpg

That’s for the child tax credit, not to claim him as a dependent.

[Anonymous 1]

What are you reading?

Screenshot_20240202_112246_Chrome.jpg

That’s for the child tax credit, not to claim him as a dependent.

It's still stupid. He's still a child and I still pay for 100% of his care.

[Olioxenfree]

Screenshot_20240202_112246_Chrome.jpg

That’s for the child tax credit, not to claim him as a dependent.

It's still stupid. He's still a child and I still pay for 100% of his care.

I mean, not really. Next year, the year you will no longer be able to file him in, he will be turning 18 and will be an adult. Even if he is still living with you, he’s old enough to get a job and make up the $1800 that you would receive from the credit.

Yes, I do think it’s a parent’s responsibility to pay for their child’s needs through high school, but many of the things you listed aren’t really needs and are your choice to pay for. There’s nothing wrong with paying for them if you’re able, but there’s also nothing wrong with saying hey, I need you to help contribute toward the things that are extras because it isn’t in our budget to go to this event that costs adult admission or to pay for the more expensive clothes or to do the extras at graduation.

[Anonymous 1]

That’s for the child tax credit, not to claim him as a dependent.

It's still stupid. He's still a child and I still pay for 100% of his care.

I mean, not really. Next year, the year you will no longer be able to file him in, he will be turning 18 and will be an adult. Even if he is still living with you, he’s old enough to get a job and make up the $1800 that you would receive from the credit.

Yes, I do think it’s a parent’s responsibility to pay for their child’s needs through high school, but many of the things you listed aren’t really needs and are your choice to pay for. There’s nothing wrong with paying for them if you’re able, but there’s also nothing wrong with saying hey, I need you to help contribute toward the things that are extras because it isn’t in our budget to go to this event that costs adult admission or to pay for the more expensive clothes or to do the extras at graduation.

He will not be 18 when I file he will be 17. And it doesn't matter what age your kids are it's a choice to do a lot of things you have to pay for. My kids were very cheap under 5 years old because I breastfed, stayed at home with them, and cloth diapered but for example with the stimulus package parents got more for them because they're "so expensive." Sure there's people out there it isn't a choice for but a lot of people do have a choice.
We don't do a lot of things because of the adult admission. Between my 2 teens I end up paying for 4 adults and it's just not practical. It's like when kids are little everyone goes oh we need to help out parents but once they actually cost a substantial amount of money forget it they can pay full price for them. And now we can't even get a child tax credit for someone who is still legally a child.
And there's no way to get around paying for adult clothes. I'm not talking name brand clothes even just basic clothing in adult sizes is expensive. No more $10 shoes no his cost at least $80 because his feet are so big. When he was little I could get a full outfit way cheaper than I can get a pair of shorts from Walmart or tj Maxx now.

[Murdoc's Mistress]

You can still claim him as a dependent but you will no longer qualify for child tax credit or EITC. This has been the rule for a while.