There was lots of hype in the news about the new $2000 Child Tax Credit when the tax law changes for 2018 and beyond.
Unfortunately, some people do not yet understand that it does not mean they will automatically receive $2000 per child just for filing a tax return.
Don’t Worry Too Much About Child Tax Credit Until You Read This Guide
- Do not assume your refund will include $2000 per child for child tax credits. It does not work that way.
- If your child turned 17 in 2019, even on the last day of 2019, you do not get the child tax credit.
- Your child must have a Social Security number to get the CTC.
- If your child lived with you for less than half the year you cannot get CTC.
If you did not earn at least $2500 you cannot receive the child tax credit.
Beyond that amount the CTC you receive is affected by your tax liability and the amount you earned.
You might not get the full $2000 of CTC.
We have so much more to tell you. Visit our office and talk to our Generational wealth specialist for more. (https://www.tmjandsleep.com.au/)