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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 (CTC) is a partially refundable tax credit available to taxpayers with dependent children under the age of 17. The maximum tax credit per qualifying child is $2,000, $1,700 of ...
Here is everything taxpayers need to know about claiming the Earned Income Tax Credit and the Child Tax Credit for the 2024 tax season.
The value of the child tax credit and additional tax credit decreases if the parent or guardian's gross income is more than $200,000 when filing individually, or more than $400,000 if filing a ...
The child tax credit is a federal income tax credit that helps families with qualifying children under the age of 17 get a tax break. The credit is also partially refundable, known as the ...
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The CTC expansion, in combination with other COVID-19 relief programs, helped lower child poverty by more than 40% between 2020 and 2021 to reach a record low of 5.2%, according to Census Bureau ...
The child tax credit has a significant effect on child poverty. In 2016, it was estimated to have lifted about 3 million children out of poverty. [ 7 ] In 2021, a Columbia University study estimated that the expansion of the CTC in the American Rescue Plan Act reduced child poverty by an additional 26%, and would have decreased child poverty by ...