The entire tax code was reformed under President Trump’s Tax Cuts and Jobs Act (TCJA). The TCJA has changed many things about the Child Tax Credit. These new rules apply to the new tax season.
How Much do I Get Back for a Child?
Under the TCJA, the Child Tax Credit saw a substantial increase to $2,000 per qualifying child. Up to $1,400 of this amount is refundable, depending on your income. This has doubled the previous amount, and the Child Tax Credit was previously only refundable if you were also claiming the Additional Child Tax Credit.… Read the rest