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Thousand Oaks California online Form 8812: What You Should Know
In April 2023 President Obama signed into law a reauthorization of this credit that extends the credit up to 2,000 and lowers the taxable income threshold for the credit from 110,000 to 110,000. The credits phase in and out over the life of the taxpayer's taxable income. IRS Tax Tip: If your child's total income for the year is 35,000, you can claim an additional child tax credit of 1,000. IRS Tax Tip: There is an important rule of thumb here: If you itemize, your additional child tax credit will be larger than if you claim the standard deduction. R.
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