- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How much is the increase in the child tax credit under the new law?
Posted on 1/31/18 at 7:47 am
Posted on 1/31/18 at 7:47 am
is the increase in child tax credit enough to offset the elimination of the personal exemption?
Posted on 1/31/18 at 7:50 am to gumbeaux
I didn't realize they increased the child tax credit, I thought it was just the EIC.
Can someone confirm?
Can someone confirm?
Posted on 1/31/18 at 7:52 am to gumbeaux
quote:
Increased Child Tax Credit: For, families with children the Child Tax Credit is doubled from $1,000 per child to $2,000. In addition, the amount that is refundable grows from $1,100 to $1,400. The bill also adds a new, non-refundable credit of $500 for dependents other than children. Finally, it raises the income threshold at which these benefits phase out from $110,000 for a married couple to $400,000.
Intuit
Posted on 1/31/18 at 7:56 am to gumbeaux
2000, up from 1000. These were/are tax credits meaning they come off your tax bill.
You lose the 4000 personal exemption for a dependent tho. Which would have been a 480 tax savings for a family making under 75,000.
so the net gain for a family making 75,000 or under.
2000
-1000
-480 (12% of the 4000 deduction)
$520 savings under new plan.
You lose the 4000 personal exemption for a dependent tho. Which would have been a 480 tax savings for a family making under 75,000.
so the net gain for a family making 75,000 or under.
2000
-1000
-480 (12% of the 4000 deduction)
$520 savings under new plan.
Popular
Back to top
Follow TigerDroppings for LSU Football News