three tax credits updates that tax preparers need to know


Child tax credit

  • The maximum child tax credit increased from $1,000 to $2,000 per qualifying child.

  • Taxpayers whose income was too high to benefit from the Child Tax Credit in prior years may now find they qualify.

  • The credit now phases out at $400,000 for couples and $200,000 for singles, compared with 2017 amounts of $110,000 for couples and $75,000 for singles.

Additional child tax credit

  • The maximum additional child tax credit increased from $1,000 to $1,400.

  • The ACTC is a refundable credit for taxpayers who owe little or no federal income tax. 

"new Credit for other dependents"

• There’s a new $500 credit that can benefit taxpayers who support other dependents. • The taxpayer will claim the credit when filing a tax return. • For purposes of this new credit, other dependents include qualifying children or qualifying relatives, such as a college student or an elderly parent.


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information provided by the Internal Revenue Service