Returning Member

Deductions & credits

Correct, for dependents over 17, you lose out on the $4050 per dependent.  That is a shame.  Even the smaller $500 family credit is not going to make up for this loss.  When you have a few of these dependents, the personal exemptions of $4050/dependent are significant to reduce taxable income!

You mentioned that for 2018, this child tax credit will be worth up to $2,000 per child with up to $1,400 of the credit refundable.  How does that work?  Does the $2000 offset my taxable income?  What if HoH earners make over $200k?  How does the phase out work and at what point is it phased out to zero (so you don't even get the credit)?  Is the $1400 added directly to my refund dollar for dollar?  What does "up to" mean and how is it phased out?