Did you know that you lose the $1,000 tax credit for your child when they reach age 17? They can still be claimed as dependents but you can't take the tax credit. However, once they're in college, you can take a $2,500 credit, assuming you can prove/provide receipts.
Our accountant just filled us in; screws us this year but wanted to let you all know ... FYI.
Asked by Anonymous at 1:14 PM on Feb. 17, 2011 in Money & Work
Answer by Razelda at 1:16 PM on Feb. 17, 2011
Answer by ImaginationMama at 1:19 PM on Feb. 17, 2011
Answer by Candi1024 at 1:39 PM on Feb. 17, 2011
Answer by Christine0813 at 1:52 PM on Feb. 17, 2011
Answer by peekab00 at 2:15 PM on Feb. 17, 2011
Answer by charlotsomtimes at 3:52 PM on Feb. 17, 2011
Check out some of the top posts today in Groups: