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Video instructions and help with filling out and completing Schedule 8812 calculator
Instructions and Help about Schedule 8812 calculator
Yo what'd it do you tube the child tax credit just got bigger under the new tax reform law we'll get into the details in this video and we're starting right now hey what's up guys this is Eli with build your tomorrow a channel dedicated to everything and anything personal finance we believe is spending less than we earn saving money paying down that making sound investments but most importantly guys we believe in investing in ourselves so if you are new here consider subscribing the big news is that the child tax credit may be worth up to two thousand dollars depending on your income yep you heard that right it's $2,000 per qualifying child and that's up from $1000 in 2022 now to qualify your child has to meet the following criteria the child must be under the age of 17 the child must be either your son daughter stepchild foster child brother sister stepbrother stepsister or a descendant of any of these individuals which includes your grandchild niece or nephew and an adopted child is always considered your own child the child must not provide more than half of their own support so essentially you got to be paying for most of the stuff you have to clean the child on your federal tax return the child has to have a valid social security number and the child has to be either a US citizen a US national or a u.s. resident alien lastly the child must have lived with you for more than half of the tax year now some exceptions apply like for example if the child was away at school then you know that's an exception but for the most part the child must have lived in your home for more than half of the year under consideration what's also great about the credit is that it's refundable and what over fundable credit means is that you can take advantage of the credit in other words that you can get money back even if you don't owe any federal taxes so to drive all of this home let's look at a couple examples so in our first example let's say that you're a parent of three qualifying kids you earned somewhere around $35,000 and your tax bracket is 25% that means that your tax liability the amount of taxes that you owe the federal government is eight thousand seven hundred and fifty dollars that's thirty five thousand dollars multiplied by twenty five percent but because you have three kids and you get two thousand dollars per kid which is six thousand altogether you only owe two thousand seven hundred and fifty dollars in taxes and your effective tax rate is really about seven percent and that's really really low here's another example now let's say that you work part time you have two qualifying kids and you earned $12,000 for 2022 oh and your tax rate is 15 percent so the amount.