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Child Tax Credit 2018 - Explained

New Child Tax Credit 2018 – Explained Amazing news that’s buzzing around is the child tax credit getting bigger which means less amount of tax to be paid which leads to more money in your bank. This video will explain everything about Child Tax credit, how to claim the credit, tax refund on it and much more. What is Child tax credit? If you, as a taxpayer have a dependent child below the age of 17 years you will be given a credit at the end of the year which will help you minimize your tax payable. Read our guide to learn about Child Tax Credit in detail : https://www.hrblock.in/guides/child-t... What has tax bracket got do with child tax credit? The rate differs based on your status being a single taxpayer or married filing joint status. It’s a very simple process after clearing these eligibility tests! 1. Age test 2. Relationship test 3. Support test 4. Dependent test 5. Citizen test 6. Resident test 7. Family Income Test: A refund of $1400 out of $2000 per child tax credit will be provided for the families in U.S. whose Child Tax Credit is more than the tax liability. New credit for other dependents. The ODC is a nonrefundable credit of up to $500 for each eligible dependent who cannot be claimed for the child tax credit. The ODC and CTC are both figured using the Child Tax Credit and Credit for Other Dependents Worksheet and reported on Form 1040, line 12a. For more information, you can see Credit for Other Dependents (ODC) on this link: https://www.irs.gov/publications/p972... Changes in credit threshold for 2018 Earlier credit was available only for families who fall under the lower and middle-income slab whereas now it completely depends on the filing status and threshold limits. About Publication 972 (2018), Child Tax Credit: https://www.irs.gov/forms-pubs/about-... What’s new with the child tax credit after tax reform? https://www.irs.gov/newsroom/whats-ne... Five Things to Know About the Child Tax Credit https://www.irs.gov/newsroom/five-thi... Similar questions about Child Tax Credit: How does the child tax credit work? What’s new with the child tax credit after tax reform? Is the Child Tax Credit refundable? When does the Child Tax Credit phase out? When does the new Child Tax Credit start? What is the additional Child Tax Credit? What is the Child Tax Credit Worksheet? How much is the Child Tax Credit for 2018? What age does Child Tax Credit end? About H&R Block India: H&R Block, is the world's largest Tax Service provider company with over 720 Million tax returns filed worldwide annually. It is the largest tax services provider for individuals and businesses in India with a strong focus on client satisfaction. H&R Block provides services of Individual Income Tax Filing, U.S. Expat Tax Filing, Business Tax preparation and GST Managed Services. We help people in income tax e filing. eFiling income tax return is mandatory for all individuals with taxable income to remain compliant as per income tax act of India. Income tax return filing due date is 31-July every year. Subscribe to H&R Block on YouTube for Everything about Taxes at http://bit.ly/HRBsubs Avail individual tax services by H&R Block: Income Tax e-Filing by Experts: http://bit.ly/2xkLlWI Self e-Filing of Income Tax: http://bit.ly/2D20Qcr NRI Tax e-Filing: http://bit.ly/2OvmzLd U.S. Tax Filing in India: http://bit.ly/2NPyLcv Tax Consultation & Scrutiny : http://bit.ly/2NObYOh Credits: Scriptwriter: Vuhasree Pothula Editor: Gajanan Sonune Anchor: Bhavika Gaglani