Child Tax Credit Now Increased To 00 From the Current Fiscal Year
Posted by childtaxcredit on November 2nd, 2019
Traverse City, USA (Nov 02, 2019) - The Tax Cuts and Jobs Act released by the Donald Trump Government will be implemented from this tax season. According to the tax overhaul project, every parent in the US will get a credit of 00 for each child. The credit only applies to those whose income exceeds 00. Earlier, the credit given for one child was 00.
Moreover, some part of the child tax credit is refundable. Earlier it was not. The tax-ceiling has also been increased from 000 to 0,000 in case the parent is single, and for married parents, the ceiling has been increased from 0,000 to 0,000. Additional Child Care Tax Credit has also been removed due to this new tax overhaul by the Trump government.
To avail of this credit, the child must be under the age of 17 years. Also, the child has to be a direct descendant or stepchild of the filer, the child must be a citizen of the US, and lastly, the child must be dependent on the tax filer.Moreover, the child has to have a social security number to become eligible for the credit. The tax filers have to by filling out the 1040 form.
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Joined: November 2nd, 2019
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