Remember the federal Child Tax Credit has the following changes:
- Child must have a valid Social Security Number
- Credit was increased to $2,000 per child of which $1,400 is eligible to be refundable
- New $500 nonrefundable credit for other dependents has been added for:
- Children that are 17, 18, or students
- Other qualifying dependents
- Qualified children under 17 that have an ITIN
- Income phase out has been increased to $400,000 for joint filers ($200,000 for all others)
For more information see IRS news release – Get Ready for Taxes: Here’s how the new tax law revised family tax credits
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