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20. What are the income limitations applied to a potential dependent when determining whether that individual...

20. What are the income limitations applied to a potential dependent when determining whether that individual can be claimed as a dependent?

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Answer #2

The Dependent Exemption amount for the Tax year 2017 was $4,050 i.e. the income limitations applied to a potential dependent when determining whether that individual can be claimed as a dependent was that the gross yearly income of the person should not be over the IRS prescribed amount (which was $4,050 for 2017).

However, the new Tax Cuts and Jobs Act (TCJA) eliminates personal and dependent exemption deductions for 2018-2025 (which would have been $4,150 each for 2018 under prior law).

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