Maybe is always the answer! The personal exemption of $4,050 per person reducing taxable income is gone. The good news is that the Child Tax Credit has increase from $1,000 – $2,000 for children under 17 years old! Did you have too much Adjustable Taxable Income to qualify for the tax credit? Good news, they changed the phase out limitation from $110,000 to $400,000 for a couple filing Married Filing Joint (MFJ). What this means is that many of you that have not qualified for the credit in the past will qualify! I have one client who has 4 children under 17 years of age is now getting an additional federal tax credit of $8,000! There are other limitations as far as the amount of credit you can receive at the lower income level as well, so to help with your planning make sure you talk to your tax professional!
20Nov
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20Nov
