Childtax Credit - Big difference between 2016, 2017, and 2018 (taxes, income, mortgage)
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For some reason, my Child Tax credit in Turbo Tax for 2016 was $1900, in 2017 was $1500, and in 2018 it's showing as $6000. we've had the same 3 young kids in all 3 years.
i guess i shouldn't complain cause this effectively reduces our tax liability, but why are these amounts so different? especially the one in 2018?
For some reason, my Child Tax credit in Turbo Tax for 2016 was $1900, in 2017 was $1500, and in 2018 it's showing as $6000. we've had the same 3 young kids in all 3 years.
i guess i shouldn't complain cause this effectively reduces our tax liability, but why are these amounts so different? especially the one in 2018?
Each kid is $2000. But don’t get excited because you get screwed when you enter your mortgage interest and property taxes...
My tax liability was less last year so no cut for me.
So even though I am low income, my $5k in property taxes and $12k in mortgage interest is no benefit?
only if you exceed the standard deduction . other wise you and the renter get the same deduction amount. you would not see a penny extra as a couple until you exceed 24k in deductions . otherwise all you get is the standard deduction . most of america does not have enough to exceed the standard deduction .
state , local taxes and real estate taxes are capped at 10k when going towards that 24k threshold .. mortgage interest up to a high amount is still able to be added in the pile of deductions towards going over the 24k .
it is less if you are single .
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? It was part of the tax cuts.
