New Tax Laws: Child Tax Credit

UPDATE: Effective for 2018, the new tax laws temporarily increase the child tax credit to $2,000 per qualifying child and provide a $500 non-refundable credit for qualifying dependents other than qualifying children.  The maximum amount refundable for the child tax credit is $1,400 per qualifying child.

This is a significant increase and change, as before the child tax credit maxed out at $1,000 and there was no credit for qualifying dependents.

-Christopher Olson, EA

Leave a Reply

Your email address will not be published. Required fields are marked *