Can Form 2350 Update 2023-2024

Yo, what it do? We are here in New York City, standing right across from Ellis Island. But in this video, guys, we're gonna talk about the child tax credit updates. Looking forward to it, we're starting right now. Music Applause Music Applause Music Hey, what's up guys? This is Eli with Build Your Tomorrow, a channel dedicated to everything and anything personal finance. We believe in spending less than we earn, saving money, paying down debt, making sound investments. But most importantly, guys, we believe in investing in ourselves. So if you are new here, consider subscribing. Alright, guys, so Congress passed tax reform in late 2017, November-December. Tax reform essentially changed a lot of the details associated with the child tax credit that so many millions of Americans take advantage of every single tax season. So let's talk about some of the updates. Probably the biggest one is that the credit went from $1,000 to $2,000. So that's super awesome because now you know you're gonna have more money in your pocket if you claim the credit. Another update is that the credit is now refundable. So what does a refundable credit mean? Okay, so let's run through an example. Let's say that you have a tax liability of $8,000. Okay, that's how much taxes you owe. Now let's say that you have a tax credit, whether it's a child tax credit or any other tax credit. Say that you have a credit of $9,000, right? If the credit is refundable, then the $1,000 above and beyond your tax liability is going to be refunded back to you. It's going to be given back to you because the credit is refundable. So one more time, if you owe $8,000 in taxes and you have a $9,000 refundable credit,...