Meaningful Exemptions

[Edsel]

Prior to the new tax law, "exemptions" referred to a taxpayer and spouse, whereas "dependents" referred to others, primarily children.  The distinction had no difference in the math.  Last year each was worth $4050 deduction toward taxable income.

Now we are told neither of these are a deduction toward taxable income, but there are still "credits."  Dependents who qualify get a child tax credit, increased to $2000, and a huge bump in phaseouts.  Other "dependents" not eligible are entitled to a non-refundable credit of $500.

My question:  does the "non-eligible" dependents include the formerly-called "exemptions?"

Example: Husband and Wife have two children who qualify under CTC.  Are husband and wife classified as "non-eligible" dependents?

[Lee B]

Actually in the TCJA, exemptions still exist. The TCJA has temporarily reduced them to $ 0.

[Abby Normal]

On 8/10/2018 at 6:25 PM, Edsel said:

Are husband and wife classified as "non-eligible" dependents

You can't be your own dependent, and neither can your spouse.