Tax Topic

Dependent Credits

For 2023, the dependent credit remains at $500 and is available for each of your qualifying dependents other than children who can be claimed for the Child Tax Credit. The qualifying dependent must be a U.S. citizen, U.S. national, or U.S. resident alien. The total of both credits is subject to a single phase out when adjusted gross income exceeds $200,000, or $400,000 if married filing jointly.

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