Filing taxes after divorce: Who can claim dependents?
Although the Tax Cuts and Jobs ActOpens a New Window. (TCJA) removed the personal exemption from tax year 2018 onwards, it retained the Dependent Care Credit and doubled the Child Tax Credit. “It used to be you basically got to reduce your income by about $4,000 for you, your spouse, for each dependent that you had,” reports Betterment Head of Tax Eric Bronnenkant. “They’ve effectively eliminated that, but as kind of a replacement, the Child Tax Credit has been increased from $1,000 to $2,000.”Read the Original Article
This article originally published March 7th, 2019 on FOX Business