The Tax Cuts and Jobs Act, signed into law by President Trump on December 22, 2017, makes significant changes to the Child Tax Credit beginning in 2018.
The IRS has released new withholding tables which will reduce tax refunds for many taxpayers. However, if you have children under 17 years old that you plan to claim as dependents when filing your taxes, you MUST make sure to update
If you meet all of the following criteria, you are allowed to claim $2,000 per qualifying child:
- You must be the child’s parent, stepparent, foster parent, or adoptive parent;
- The child must be younger than 17 years old (so you don’t have to worry about college tuition!); and
- You must claim the child as a dependent on your taxes for that year.
Can I call the IRS about my child tax credit?
The IRS has made it very clear that taxpayers should not expect a personal response to questions regarding the Child Tax Credit or other issues. Y
ou can check out their website for information, but unfortunately, they won’t be able to answer any specific questions about your return.
If you have children under 17 years old and plan on claiming them as dependents on your taxes, you must make sure to update your withholding to take into account the reduction in your tax refund.
You can also visit the official website for further information.
How do you qualify for the child tax credit in 2021?
In 2021 credit for child and dependent care expenses are eliminated from the tax code. This may leave some parents confused about whether or not they can claim a credit for expenses that were incurred in 2020.
Note: this does not affect any credits you already claimed in 2020 on your tax return for caregivers, daycare, etc. These amounts will be taken into account next spring when you file your 2020 taxes.
One ‘benefit’ of the new tax bill is that there are fewer deductions to claim, so hopefully, people will stop pretending to live in high cost-of-living areas just so they can write off their rent payments.
For example, anyone who has claimed state and local tax deductions since the IRS introduced its “Lease Limitations” in 1991 may want to revise this claim.
The new tax bill changes the rules on federal income tax deductions of alimony paid by a spouse under a divorce or separation instrument executed after December 31, 2018.
It is important to note that for any divorce/separation instrument executed before 2019, the couple can choose to have the new rules apply or not, at their option.
The decision to repeal the penalty associated with Obamacare’s individual mandate is being felt across many different segments of the economy.
The Supreme Court finds that although Congress has the power to impose a tax, it does not have the power to find someone for refusing to do something, like purchasing health insurance.
The article supports evidence that child tax credit is affected by 2020 tax law changes, but it does not mention anything about IRS Help in 2021. It only refers the reader to look at 2020s taxes when filing for a refund next year.
How do I get my child tax credit refunded?
If you are due a tax refund by the IRS and wonder how to get your child tax credit refunded, use our online calculator to determine exactly how much you should be getting back.
The tool is easy and does all of the calculations for you. Once complete, it will provide a detailed summary of exactly what deductions to expect and how much money will be refunded.
I’m due a tax refund but am unsure how to claim the child tax credit on my taxes. What are my next steps?
It’s time to file your 2020 taxes!
The IRS recommends using our online tool to determine exactly how much of a refund you should expect to receive and what deductions need to appear on your tax return.
It only takes a few minutes and will provide a detailed summary of exactly what deductions to expect and how much money you can expect back from filing your 2020 taxes.
The article is targeted at people who are due a refund, but unsure about the child tax credit.
It provides step-by-step instructions on how to claim a refund, including a link to the online calculator.
In order to claim any deduction or tax credit, you must file your 2020 federal income tax return.
Incomplete returns will not be processed by the IRS and can result in a penalty for filing a false return.
To ensure you receive correct tax information, it is very important to file your return as soon as possible.
How much are they giving for the child tax credit?
If you’re wondering how much money will be given as a child tax credit, use our online calculator to determine exactly how much. The tool is easy and does all of the calculations for you.
Once complete, it will provide a detailed summary of exactly what deductions to expect and how much money you will receive from filing your 2020 taxes.
In order to claim any deduction or tax credit, you must file your 2020 federal income tax return.
Incomplete returns will not be processed by the IRS and can result in a penalty for filing a false return.
To ensure you receive correct tax information, it is very important to file your return as soon as possible.
The article helps show how much actual money I’ll receive if they claim the child tax credit. The article also refers to step-by-step instructions on how to file taxes.
The article’s background information is that it refers back to 2020s news regarding IRS Help with filing returns and claiming deductions. There are no references about 2021’s changes, so there isn’t anything specific happening this year yet.
