Question

Are you entitled to receive an exemption for dependants regardless of your income level?

Forum|Forum|5 years ago
December 22, 2020
1 reply
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Our kids are on L2 Visas and don't have SSN's and are not able to get them. Don't know if we should apply for TIN's to get any exemption for dependants, or whether our income level will be too high and so it is not worth applying for them.

TurboTax Self Employed Online

Critter-3

There are no exemptions from 2018 to 2026 ... instead there are credits.

The Child tax credit is up to $2000 per child under the age of 17 but there are income phaseouts ...

Your income is too high. The Child Tax Credit (CTC) is phased out at higher incomes starting at $400,000 for joint filers ($200K single). You lose $50 for each $1000 (rounding up) your income is over that threshold.

Or the Other dependent credit of $500 for dependents older than 16.