Changes to the Child Tax Credit 👨👩👧👧If you took advantage of the child tax credit in 2017, you were able to claim a $1,000 credit on your income tax return for each child under 17 who qualified. For 2018, that deduction has doubled to $2,000 per qualifying child.
The child tax credit was nonrefundable before the TCJA. Now, the refundable portion is equal to 15% of your earned income over $2,500, up to $1,400. To estimate how much of the refund you would receive, you can use the following equation:
(Your salary - $2,500) x .15
In order to qualify your child to for the new credit, they must meet all of the requirements on the Child Tax Credit Test.
Child Tax Credit Test
The new child tax credit eventually phases out for married taxpayers filing jointly with an income of $400,000 ($200,000 for all other taxpayers).
10/19/2022 08:32:53 pm
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