Child Tax Credit
We have a 20 year older daughter (will be 21 June of 2021) who will be starting her senior year of college. She lives at home during the summer, on campus during the school year, and we claim her as a dependent. She did get a scholarship, each year she has taken out a small student loan, and we pay the rest of her tuition which runs roughly around $12,000 to $15,000 a year. What kind of tax credits can we get?
Terry Says
You’re great parents — and you get a lot of credit for saving up for college and raising a terrific daughter.
She should have received a $1400 stimulus check in March. If she didn’t, or if you didn’t receive it for her, then she can claim it when she files her own return for 2021 next April 2022.
In addition, you could have qualified for a deduction of up to $4,000 depending on your income, on your 2020 tax return (which you likely just filed.) Ask your tax preparer if you can file an amended return if you qualify based on adjusted gross income under $160,000 for joint filers.
That deduction was not renewed for 2021.
Your daughter is to old (over 17) for you to claim the Child Tax Credit no matter what your income.