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The child tax credit under the Tax Cuts and Jobs Act of 2017. Top plateau would be higher for more children. Under the Tax Cuts and Jobs Act of 2017 (TCJA), for the years 2018–2025 (excluding 2021, see below section Temporary Expansion in 2021) the CTC allows taxpayers to reduce their federal tax liabilities by $2,000 per qualifying child (see Eligibility).
The child tax credit is available to taxpayers who have children under the age of 17 (or in 2021 under the age of 18). Since 2018, the CTC is $2,000 per qualifying child. It is available in full to single filers who make up to $200,000 and married couples filing jointly who make up to $400,000.
The Child Tax Credit (Amendment) Regulations 2006: Image title: TAX CREDITS, TAX CREDITS: Author: Software used: FOP 1.0: Conversion program: Apache FOP Version 2.1: Encrypted: no: Page size: 595.276 x 841.89 pts (A4) Version of PDF format: 1.4
Originally, the credit of up to $500 per child was nonrefundable, meaning that parents had to earn enough to pay federal income taxes to receive it. But it also began to phase out for single ...
This year, eligible families can use GetCTC to receive the 2021 Child Tax Credit, expanded last year to $3,600 per child 5 and under and $3,000 per child 6 to 17.
But as part of the $1.9 trillion coronavirus relief package, President Joe Biden expanded the program, increasing the payments to up to $3,600 annually for each child aged 5 or under and $3,000 ...
Tax credit equals $0.34 for each dollar of earned income for income up to $10,540. For income between $10,540 and $19,330, the tax credit is a constant "plateau" at $3,584. For income between $19,330 and $41,765, the tax credit decreases by $0.1598 for each dollar earned over $19,330. For income over $41,765, the tax credit is zero.
Last year, free online tools such as the GetCTC and the IRS Non-Filer helped millions of lower-earning Americans — those making less than $12,400 individually and $24,800 for couples — to ...
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