Which Form 2350 Credits 2023-2024

Today, I'm going to talk about the child tax credit. First, I'm going to go through some of the rules. Then, I'm going to jump into two calculators that will help you figure out whether or not you qualify for the child tax credit or another dependent credit. I'm also going to show you a strategy to help you reduce your taxes using these credits. If this is your first time at our channel or you haven't subscribed, click on the subscribe button at the bottom. My name is Travis Sickles, a certified financial planner with Sickles & Associates Financial Advisors. Alright, let's jump right into the child tax credit. The credit is $2,000 per child. So, if you have two children, that's $4,000. If you have three children, that's $6,000, and so on. It's a refundable credit now. In the past, it wasn't, so you can now receive a refund of up to $1,400 even if you have a tax liability of zero and have a qualifying child. This refund is also per child, so if you have multiple children, you can multiply it by $1,400 to find your total refund. Your child has to be under the age of 17 as of December 31st, 2018 to qualify. If your child is 17 or older, then you might be able to qualify for the family credit or the other dependent credit, which is $500. The child tax credit is the only refundable credit. As for income limits, there is a minimum and maximum income requirement to qualify for the child tax credit. On the low income side, you must have earned income of at least $2,500. On the high income side, it's $200,000 for single or head of household and $400,000 for married filing jointly. The credit reduces by $50 for every $1,000...