Why Child Tax Credits Are Better Than Deductions

Credit: The Street
Published on March 29, 2019 - Duration: 01:56s

Why Child Tax Credits Are Better Than Deductions

With the 2018 tax deadline quickly approaching, here's one tax credit parents may not have thought about when filing their taxes.

Tracy Byrnes and CPA and TurboTax tax expert Lisa Greene-Lewis break down the new child tax credit and why they are so much better than deductions.

The new credit is for non-child dependents.

Greene-Lewis explains that, while you will still not be able to qualify for a child tax credit for your child over 17 years-old, you can, in fact, still get a $500 credit for them.

The original child tax credit for your kids under 17 years-old increased to $2,000.

She also notes that if you support a relative, that's another way to receive a $500 non-child dependence credit.

Before the new child tax credit, you were able to get an exemption of $4,050 for a non-child dependent.

For more on last minute tax deductions you're not taking advantage of, catch our full webinar with TurboTax here.

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