2019 Dependant Tax
The TurboTax deluxe edition tax deduction finder platform can be enhanced with several other TurboTax tools that relate to particular areas of expenses you may incur during the year. Dependant and Child Care expenses can be countered with valuable tax deduction advantages.
TurboTax can help you find out which child care and dependant credits and deductions you may be eligible to claim on your income tax return.
Deducting Dependant Expenses
- The child is younger than 19 years old (or younger than 24 years of age and are a full-time student)
- The child lives with you for more than ½ of the year?
You do not qualify if the following applies:
- If the child pays for more than ½ of their own expenses, you may not claim them as a dependent on your tax return.
For those who qualify, the following deductions and credits may be available to you on your tax return:
- Child Tax Credit: Per dependent, up to... $1,000
- Child & Dependent Care Credit: 2+ dependents, up to... $2,100
- Dependent Exemption: Per dependent, up to... $3,900
- Earned Income Tax Credit: 3+ dependents, up to... $6,044
Dependents Credits & Deductions Tax Calculator
Family Tax Exemptions & Deductions for You and Your Dependents
Exemptions are subtract from your Adjusted Gross Income
For 2018, you can claim a $4,050 exemption for each qualifying child, this may include your child or stepchild, sibling or step-sibling, foster child, or descendants such as grandchildren. You and your spouse also are entitled to a $4,050 personal exemption. The child must:
- live with you more than half of the year
- be under 19 at the end of the year or,
- under 24, a full-time student for at least part of five calendar months during the year
- the child must not have paid more than half their own support
Higher-income taxpayers are subject to a phase-out rule that curtails deductions for personal and dependent exemptions. There is also a phase-out of itemized deductions for high earners.
Those subject to the Alternative Minimum Tax (AMT), cannot deduct personal or dependent exemptions.
The TurboTax Dependents Credits & Deductions Tax Calculator can also help you with other qualifying dependants include parents, grandparents, or relatives you support who do not necessarily live with you, as long as the supported person meets all five of the following criteria:
- They are a relative, or full-time member of your household
- They are a U.S. citizen, or resident of U.S., Canada or Mexico
- They did not file a joint income tax return with anyone else
- You provided over half of their support
- They have less than $4,050 of gross income (2018 Limits)
Students that don't meet the age/student test or the residence test, may still be claimed as a qualifying relative if they had gross income under $4,050 and you provided more than half of their support.
Who qualifies as a relative? By blood or marriage:
- Children, grandchildren or stepchildren
- Siblings, including half or step-siblings
- Parents, grandparents or any other direct ancestors
- Aunts or uncles
- Nieces or nephews
- Fathers-in-law, mothers-in-law, sons-in-law, daughters-in-law, brothers-in-law or sisters-in-law
See IRS Publication 504 for Divorced or Separated Individuals
Only one person can claim an exemption for any single dependant on their tax return. See IRS Publication 501 for more information.
Deducting Medical expenses
You can deduct medical expenses if you itemize, and they exceed 10 percent of your Adjusted Gross Income. Qualified expenses include prevention, diagnosis or medical treatment for mental and physical function of the body for health purposes (not cosmetic). This includes transportation to receive medical care, health insurance premiums, and prescription drugs.
Education expenses may be deductible under qualifying criteria.