The Child Tax Credit is being doubled for 2018
The Child Tax Credit is available to be claimed for qualified children under age 17. And you can claim it for all of your qualifying children in a given tax year. To be clear, the child must be under 17 at the end of the year to claim the credit.
For 2018, the recently passed GOP tax reform bill doubles the amount of the Child Tax Credit from $1,000 to $2,000 per qualifying child. In other words, if you have one child, you'll be able to claim a $2,000 credit. For two children, your credit is $4,000. Three children... well, you get the idea.
It's also important to emphasize that this is a credit, not a tax deduction. While a deduction reduces the amount of your income that is subject to tax, a credit reduces your tax bill dollar-for-dollar. If you owe the IRS $5,000 for the year, and have a $2,000 tax credit, your tax bill drops to $3,000.
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