Get Ready for Ts: Here’s how the new tax law revised tax credits

IR2018217, November 7, 2018

IR2018217, November 7, 2018

WASHINGTON ― More families will be able to get more money under the newlyrevised Child Tax Credit, according to the Internal Revue Service.

WASHINGTON ― More families will be able to get more money under the newlyrevised Child Tax Credit, according to the Internal Revue Service.

This is the third in a series of reminders to help taayers get ready for the upcoming tax filing season. Additionally, the IRS has rectly d a special page on its website with steps to take now for the 2019 tax filing season.

This is the third in a series of reminders to help taayers get ready for the upcoming tax filing season. Additionally, the IRS has rectly d a special page on its website with steps to take now for the 2019 tax filing season.

The Tax Cuts and Jobs Act (TCJA), the tax ref legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the idtification number requiremt for 2018 and subsequt years. The new law also created a second smaller credit of up to $500 per depdt aimed at taayers supporting older childr and other relatives who do not qualify for the Child Tax Cred

The Tax Cuts and Jobs Act (TCJA), the tax ref legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the idtification number requiremt for 2018 and subsequt years. The new law also created a second smaller credit of up to $500 per depdt aimed at taayers supporting older childr and other relatives who do not qualify for the Child Tax Cred

“As we approach the 2019 taxfiling season, I want to remind taayers to take advantage of this valuable tax credit if they are eligible to claim it,” said IRS Commissioner Chuck Rettig. “Tax ref changed the tax code ificantly and doubling the Child Tax Credit is an example of how the changes impact taayers.”

“As we approach the 2019 taxfiling season, I want to remind taayers to take advantage of this valuable tax credit if they are eligible to claim it,” said IRS Commissioner Chuck Rettig. “Tax ref changed the tax code ificantly and doubling the Child Tax Credit is an example of how the changes impact taayers.”

Higher income limits mean more families are now eligible for the Child Tax Cred The credit begins to phase out at $200,000 of modified adjusted gross income, or $400,000 for married couples filing jointly, which is up from the 2017 s of $75,000 for single filers or $110,000 for married couples filing jointly.

Higher income limits mean more families are now eligible for the Child Tax Cred The credit begins to phase out at $200,000 of modified adjusted gross income, or $400,000 for married couples filing jointly, which is up from the 2017 s of $75,000 for single filers or $110,000 for married couples filing jointly.

Increased from $1,000 to $2,000 per qualifying child, the credit applies if the child is younger than 17 at the d of the tax year, the taayer claims the child as a depdt, and the child lives with the taayer for more than six months of the year. The qualifying child must also have a valid Social Security Number issued before the due date of the tax return, including extsions.

Increased from $1,000 to $2,000 per qualifying child, the credit applies if the child is younger than 17 at the d of the tax year, the taayer claims the child as a depdt, and the child lives with the taayer for more than six months of the year. The qualifying child must also have a valid Social Security Number issued before the due date of the tax return, including extsions.

Up to $1,400 of the credit can be refundable for each qualifying child. This means an eligible taayer may get a refund ev if they owe any tax.

Up to $1,400 of the credit can be refundable for each qualifying child. This means an eligible taayer may get a refund ev if they owe any tax.

For more infation, see Publication 972, Child Tax Credit, available soon on IRS.gov.

For more infation, see Publication 972, Child Tax Credit, available soon on IRS.gov.

A new tax credit – Credit for Other Depdts — is available for depdts for whom taayers cannot claim the Child Tax Cred These depdts may include depdt childr who are age 17 or older at the d of 2018 or parts or other qualifying relatives supported by the taayer.

A new tax credit – Credit for Other Depdts — is available for depdts for whom taayers cannot claim the Child Tax Cred These depdts may include depdt childr who are age 17 or older at the d of 2018 or parts or other qualifying relatives supported by the taayer.

During the upcoming taxfiling season, the IRS urges taayers to use the agcy’s Interactive Tax Assistant to see if they qualify for either of these credits. To find out more, visit IRS.gov.

During the upcoming taxfiling season, the IRS urges taayers to use the agcy’s Interactive Tax Assistant to see if they qualify for either of these credits. To find out more, visit IRS.gov.


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