Credits

Casey,  Only one parent is entitled to claim their dependents.  Since you have a court agreement giving him the dependents and the child tax credit, these are his to claim.  Your tax returns should reflect single with no dependents.

Jeanne Adams CPA

Firestone, CO 80504

For 2018, the maximum credit amount is $3,461 for one qualifying child, $5,716 for two qualifying children, $6,431 for three or more qualifying children, and $519 for taxpayers who have no qualifying child. The phaseout ranges for the credit have been adjusted for inflation

Pursuant to the Act, the child tax credit is increased to $2,000 per eligible child for 2018 through 2025.

The income level at which the credit phase-out begins is increased to $400,000 for taxpayers filing married filing jointly and $200,000 for all others. The credit continues to phase out at a rate of $50 for every $1,000 that AGI exceeds the threshold amounts.

The refundability of the credit was also modified so that the earned income threshold is reduced to $2,500.

For 2018, the limit on the adoption credit as well as the exclusion for employer-paid adoption assistance is $13,810. The benefit phaseout range is modified adjusted gross income between $207,140 to $247,140.

Eligible taxpayers must be at least 18 years of age.
Anyone claimed as a dependent on someone else’s return cannot take the credit.
A student cannot take the credit. A person enrolled as a full-time student during any part of 5 calendar months during the year is considered a student.

The saver’s credit can increase a taxpayer’s refund or reduce the tax owed. Though the maximum saver’s credit is $1,000, $2,000 for married couples
The saver’s credit can be claimed by:Married couples filing jointly with incomes up to $59,000 in 2013 or $60,000 in 2014;
Heads of Household with incomes up to $44,250 in 2013 or $45,000 in 2014; and Married individuals filing separately and singles with incomes up to $29,500 in 2013 or $30,000 in 2014

Rules for every taxpayer:
Must have earned income, such as wages, tips or the income from running a business or farm. Most other types of income, such as retirement pensions, though usually taxable, do not count as earned income.
Must have a Social Security number that is valid for employment for self, spouse and any qualifying children.
A person can get the credit even with a small amount of investment income, such as interest from a bank account. However, the amount of investment income is limited to $3,400.
The filing status used must be single, head of household, married filing jointly or qualifying widow or widower. A taxpayer who files as married filing separately cannot get the credit.
Generally, must be either a U.S. citizen or resident alien. Cannot be a qualifying child of another person. Cannot file Form 2555 or Form 2555-EZ.

Taxpayers without a qualifying child must meet three additional tests.
Lived in the U.S. for more than half of 2016, at the end of 2016, was at least age 25, but under age 65, cannot qualify as the dependent of another person.