- Exemptions have been repealed for yourself, your spouse and any/all dependents
- Child Tax Credit has been increased to $2,000 in 2018 (previously $1,000 in 2017)
- Up to $1,400 of this is a refundable credit. Which means you could receive a refund of up to $1,400 per child even if you would otherwise owed $0 in taxes. In 2017 the refundable portion was $1,000 and was claimed as an Additional Child Tax Credit.
- The refundable portion is only available when the taxpayer is unable to fully use the $2,000 credit to offset their tax.
- There is a credit of $500 for each dependent who does not qualify for the Child Tax Credit. This credit is not refundable and does not increase with inflation.
- These credits are phased out starting at $200,000 ($400,000 for married filing joint) of adjusted gross income.
- A valid SSN is required for the Child Tax Credit.
- The Child Tax Credit rules start with the 2018 tax year and are scheduled to expire after December 31, 2025.