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 Should I Claim Scholarships & Other Awards on My Taxes 2021-2025

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I'm Carrie stamp with Kerry stampton company if you and your family have an income greater than a hundred and sixty thousand dollars and you have kids that are over age 17 that are in college you're probably making a huge mistake you see throughout most of my career on the income tax return we would check off our children up until the age that they were out of college as dependents well something changed in 2017 and probably made that something that you shouldn't be doing because you're losing out on a lot of money by doing it in 2017 the tax cut and jobs act eliminated the exemption for dependence on your tax return you now get a zero deduction for any dependent that you have on your tax return in exchange for that what they did was they increased the standard deduction which is like a personal exemption for the husband and the wife or each spouse or for a single person and made that an amount that in 2022 is going to be 12 950 so the first almost twent

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