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Taxes - Loss of tax credit for minors aged 17 ...

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.

 
Anonymous

Asked by Anonymous at 1:14 PM on Feb. 17, 2011 in Money & Work

This question is closed.
Answers (6)
  • Cool. I have 16 years to go before this happens for me!
    Razelda

    Answer by Razelda at 1:16 PM on Feb. 17, 2011

  • In the 90's, my parents lost their credit on me when I was 16. I worked and filed taxes, so I could save money for college. It has always been a sticky few years.
    ImaginationMama

    Answer by ImaginationMama at 1:19 PM on Feb. 17, 2011

  • Yes.
    Candi1024

    Answer by Candi1024 at 1:39 PM on Feb. 17, 2011

  • Yes, I knew.
    Christine0813

    Answer by Christine0813 at 1:52 PM on Feb. 17, 2011

  • thanks for sharing
    peekab00

    Answer by peekab00 at 2:15 PM on Feb. 17, 2011

  • yup- they told us last year when we had our taxes done that we would not get it for my daughter anymore (she turned 17 in Nov.)

    crappy!
    charlotsomtimes

    Answer by charlotsomtimes at 3:52 PM on Feb. 17, 2011

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