One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on you or your dependents’ age. To help you navigate through some of this maze we’ve created a simple chart that outlines key ages and how it applies to your tax obligation.
In most cases the impacted year is the year you turn the age on this chart. Example: If your qualified dependent turns 17 any time during the year, they no longer qualify for the Child Tax Credit. This chart is not meant to be all-inclusive and there are exceptions to some of these age qualifications. Use this information to know when to ask for help.
Action step. When you or anyone in your family approaches any of the ages in this chart it is a sure sign you need to spend some time understanding the tax implications of the age event. Call if this impacts you!
Andrea L. Blackwelder, CFP®, ChFC, CDFA® and Joseph D. Clemens, CFP®, EA are the founders and partners of Wisdom Wealth Strategies. Their shared passion is simple: to bring financial empowerment, understanding, and peace-of mind to people who wish to improve their financial future, build wealth for their families, and achieve financial independence. Click here to find out more about how you can work with the Denver Financial Advisors at Wisdom Wealth Strategies.