The IRS offers extra credit worth $500 to all taxpayers by just sending remittances and can prove that they use at least 50 percent of their wealth on dependents, whether they are US residents or not.
Earn $500 From IRS Credit By Just Sending Remittances To Family In Mexico – Here’s How (PHOTO: The US Sun)
Earn $500 From IRS Credit By Just Sending Remittances
The Internal Revenue Service (IRS) can give you a bigger refund when you file the different tax credits offered. Among several tax benefits that taxpayers can claim, the Credit for Other Dependents, including those living abroad, stands out. Because the IRS offers $500 to all those taxpayers who demonstrate a minimum contribution of 50% in financial assistance or maintenance for family members.
Hence, if you reside in the United States and every month you send remittance money to support family members in Mexico or Canada, you may be qualified for a $500 refund from the IRS. However, this credit is only open if you do not qualify for the Child Tax Credit program.
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Here’s How To Get The $500 IRS Credit For Sending Remittances To Family In Mexico
To be eligible for the $500 credit from IRS you must be a tax filer with United States citizenship or legal permanent residence in the United States, in other words, you have a Green Card. In addition, you need to confirm that the remittance money you send represents at least 50 percent of the financial support or maintenance for your families. It does not matter if these family members are US citizens or permanent residents of the United States.
However, if you meet the above requirements, you should be conscious that residents of Mexico, Canada, or nationals of the United States use the exact rules as US citizens to determine who is eligible as a dependent. According to the IRS, a dependent can be:
- Children of any age, including 18 years of age and above
- Dependent parents or other qualifying families helped by the taxpayer
- Dependents living with the taxpayer who is not related to the taxpayer
Lastly, the credit starts to taper gradually when the taxpayer’s income surpasses $200,000 or $400,000 for married couples filing jointly in their tax return.
