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Children are eligible for the benefits from the Dependents' Educational Assistance program between 18 and 26 years old. Sometimes eligibility can begin before age 18 and continue past age 26. Children remain eligible for Dependents' Educational Assistance even after they marry.
Child Tax Credit. You may also be eligible for a tax credit, which is even better than a deduction, since it reduces your taxes dollar for dollar. The Child Tax Credit is an additional $1,000 credit you may be able to claim for children under 17.For married couples with income over $110,000 or $75,000 for a single parent, the credit phases out. Child and Dependent Care Credit.ere are some of the tax benefits for having children and other dependents: Dependency exemption. In 2012, you can claim a personal exemption deduction of $3,800 for each child and other dependent, and for 2013 that increases to $3,900.