There are a lot of changes with the new Tax Cuts and Jobs Act that will affect taxpayers all over the United States.
In this post, we will be highlighting 3 important changes that may affect you and your situation.
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1. The Child Tax Credit INCREASED.
The child tax credit increased by $1000 and will now be worth $2000 per qualifying child. The age cut off remains at 17. The earned income threshold for the refundable credit has been lowered to $2500. Income limitations have been increased to $200,000 for Single and $400,000 for Married Filing Jointly.
2. New $500 Credit for OTHER DEPENDENTS.
The IRS has also issued a new refundable $500 credit for Other Dependents. Think about those dependents who are over the age of 17. Particularly aging parents/grandparents. You may now be eligible to receive a $500 for those dependents!
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