CHANGES TO THE CHILD TAX CREDIT & the Addition of a New Credit!!!
The new maximum Child Tax Credit from $1,000 to $2,000 per eligible child.
To qualify, the child must not yet be age 17 by the end of the tax year.
Dependents who can’t be claimed for the child tax credit may still qualify the taxpayer for the credit for other dependents. This is a non-refundable credit of up to $500 per qualifying person. The credit is for children age 17 and older as well as other dependents such as parents or other qualifying relatives supported by the taxpayer.
The Child Tax Credit is refundable which means you may receive some even if you aren’t paying any tax. The income threshold and limits are more favorable now as well allowing both lower and higher income individuals to qualify for the credit based on income.