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Tax Guy: Your 20-something kid can qualify for this new child-tax credit

For 2018-2025, the Tax Cuts and Jobs Act (TCJA) doubles the maximum child tax credit (CTC) from $1,000 to $2,000 per qualifying child.

The new law also substantially increases the income thresholds for the phase-out rule that can reduce or eliminate your rightful CTC. That means many more families will fully qualify for the bigger credit. That’s good news.

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Next, the TCJA established a new credit of up to $500 for dependents who are not qualifying children (a qualifying child must be under age 17). Under prior law, no credit was allowed for dependent kids who were age 17 or older because they did not meet the definition of a qualified child.

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