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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?
3
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 Salmon
quote:
I didn't realize they increased the child tax credit, I thought it was just the EIC. Can someone confirm?
Haven't done my taxes yet, but I've read this before too. Also, POTUS stated this at the SOTU.
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 7:55 am to BugAC
quote:
Haven't done my taxes yet, but I've read this before too. Also, POTUS stated this at the SOTU.
The new tax law won't affect this year's return. It affects next year's return.
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.
Posted on 1/31/18 at 8:04 am to Superquincy
NIce work superquincy. Doubled the tax credit but its just crumbs really.
Just jokes! MAGA!
Just jokes! MAGA!
Posted on 1/31/18 at 8:08 am to Superquincy
Thanks superquicny
Additionally, there is a $4000 net decrease in taxable income for married couples due to the increase in the standard deduction.
Additionally, there is a $4000 net decrease in taxable income for married couples due to the increase in the standard deduction.
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