I was venting about how the standard exemption of $4050 per dependent is eliminated in 2018. For a family of four, that is $16,200 of personal exemptions that goes away for dependents.
A friend was saying that the child tax credit replaces it. Is the child tax credit new for 2018? How much is it for each child? I still lose out on my own $4050 exemption for myself. I never paid attention to it. But say for someone who is HoH and making over $75k doesn’t it get phased out? So let’s say you make $100k-$150k as HoH , the child tax credit doesn’t even apply right? There is no way that this credit makes up for $4050 per dependent that we are losing or on. Someone explain his reasoning.
