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jeconort
New Member

I clicked on the the Child and other tax credit and it automatically gave me a credit without any info. I don't believe I qualify for this deduction, any help

 
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MichaelMc
New Member

I clicked on the the Child and other tax credit and it automatically gave me a credit without any info. I don't believe I qualify for this deduction, any help

For qualifying dependent children:

Beginning in 2018, the Tax Cuts and Jobs Act of 2017 (TCJA) doubles the Child Tax Credit to $2,000 per child under age 17. If this and other credits reduce your tax liability to zero, the unused portion of the Child Tax Credit, up to a maximum amount of $1,400 per child, is refundable.

The TCJA also makes the Child Tax Credit available to more families than in the past.

Under the new law, the credit doesn’t begin to phase out until adjusted gross income exceeds:

  • $400,000 for married couples filing jointly, or
  • $200,000 for all other filers.

For comparison, the 2017 phaseout thresholds were:

  • $110,000 for married couples filing jointly, or
  • $75,000 for all other filers.

The phase out thresholds will not be indexed for inflation, so the credit will lose some value over time.

 

For other qualifying dependents:

The TCJA also includes, for tax years from 2018 through 2025, a $500 nonrefundable credit for qualifying dependents other than qualifying children (for example, a taxpayer’s 17-year-old child or elderly parent).


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