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Child Dependent Tax Credit
Posted on 1/22/17 at 11:44 am
Posted on 1/22/17 at 11:44 am
I split custody of my oldest kid and get to claim him every other year. Last year the wife and I both made significantly more money than the previous years and when we claimed our youngest daughter I don't believe we received any credit because our income was more thank 160k per year combined. Does anyone know what the income rules are on dependents and income? This year would be my year to claim the son and would have two dependents.
2
Posted on 1/22/17 at 12:17 pm to tigerlife36
There are no income rules for claiming someone as a dependent. They must pass the dependent qualification test. I'm not sure you're asking the right question here.
Posted on 1/22/17 at 12:21 pm to FulshearTiger
Assuming this was a divorce or formal court ordered arrangement..
The court arrangements can be anything but they will not supersede IRS tax laws.
I believe you have to get an IRS form signed by the custodial parent claiming they you have the right to claim dependent every other year or something.
You should make sure your attorney obtains that signed form with accepting the agreement.
The only other way to combat it would be to file contempt of court she didn't comply but that wouldn't make you lawfully eligible for the money unless that form was signed
The court arrangements can be anything but they will not supersede IRS tax laws.
I believe you have to get an IRS form signed by the custodial parent claiming they you have the right to claim dependent every other year or something.
You should make sure your attorney obtains that signed form with accepting the agreement.
The only other way to combat it would be to file contempt of court she didn't comply but that wouldn't make you lawfully eligible for the money unless that form was signed
This post was edited on 1/22/17 at 12:22 pm
Posted on 1/22/17 at 12:41 pm to gobuxgo5
No it is my year and its all agreed to. What I am asking is do I get any tax credit for dependents because our household income exceeds a certain amount? Does the credit diminish with income and phase out? I can't seem to find the table on this.
Posted on 1/22/17 at 1:39 pm to tigerlife36
My bad
Posted on 1/22/17 at 1:49 pm to tigerlife36
The credit does diminish as income increases, you would have to check the irs website or just Google it to see the impact.
Posted on 1/23/17 at 9:34 am to tigerlife36
The personal exemption you get for a dependent phases out at very high income levels, but never goes away.The child tax credit phases out at moderate income levels.
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