jlief
Level 1
12-07-2019
12:02 AM
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Like the $1000 of the tuition credit is fully refundable, even with $ 0.00000 of any income, including $ 0.00 of earned income.
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Level 15
12-07-2019
12:02 AM
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It is known as "additional child tax credit" Lets not turn this forum into political debates
jlief
Level 1
12-07-2019
12:02 AM
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I'm not making this question political, it's just that the latest tax law was created by Republicans, and THEY were the people who "advertised" that $1,400 of the $2,000 child tax credit would be refundable. As I stated, $1,000 of the tuition credit is fully refundable, even with $ 0.00 income. And, either a credit is refundable or not. If you have $ 0.00 earned income you get $ 0.00 child tax credit, which is certainly a lot less than $1,400 refundable, huh??
Level 15
12-07-2019
12:02 AM
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Nobody lied, they just didn't include all the details. UP TO $1400 is refundable. And its based on your "earned income" as to how much can be refunded.
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jlief
Level 1
12-07-2019
12:02 AM
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Obviously. However, THAT was not advertised by the people who got the billed passed. It's either refundable or not, and it's NOT refundable, as I said, like $1,000 of the tuition credit.
Level 15
12-07-2019
12:02 AM
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Similar to how the media kept telling us the standard deduction had been doubled...nobody mentioned that they took away the personal exemptions...the devil is in the details.
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IRonMaN
Level 15
12-07-2019
12:02 AM
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Did you actually expect the politicians that passed the bill to actually understand tax law? Start calling up everyone that voted for the bill and ask them to define "refundable"
:grimacing:
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Slava Ukraini!
Level 13
12-07-2019
12:02 AM
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I agree. Just like TT offers free filing but fails in the details. H&R same........this is nothing new in advertising and why would you think the government would be any different?
TaxGuyBill
Level 15
12-07-2019
12:02 AM
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The "refundable" part the of Child Tax Credit has pretty much followed the SAME rules it has for many years (it requires "earned" income). So if you dislike those rules, those rules have been there for at least 20 years (probably there since 1986).
Actually, the new tax law made the refundable part EASIER to get (it lowers the "earned" income starting point to $2500, rather than it used to be $3000).
jlief
Level 1
12-07-2019
12:02 AM
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OHHH, so the tax law ALWAYS [at least for 20 years] called a portion of the child tax credit as REFUNDABLE, as I'd never noticed that??
The congressman in Florida who got the "refundable" portion raised from $1,100 to $1,400 had also wanted/tried to get it to be FULLY refundable without requiring anyone to have ANY earned income, but he was rebuffed by his colleagues.
The congressman in Florida who got the "refundable" portion raised from $1,100 to $1,400 had also wanted/tried to get it to be FULLY refundable without requiring anyone to have ANY earned income, but he was rebuffed by his colleagues.
TaxGuyBill
Level 15
12-07-2019
12:02 AM
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Yes, the refundable portion has required "earned income" for a VERY long time. The Tax Cuts and Jobs Act did not change that, except to require LESS "earned income" before it becomes refundable.
sjrcpa
Level 15
12-07-2019
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@jlief Have we had the child tax credit for 20 years?
The more I know the more I don’t know.
The more I know the more I don’t know.
Hillenburg
Level 4
12-07-2019
12:02 AM
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No earned income ? I think the intent of the law is to encourage families with young children to work a little and help support the family,
Level 15
12-07-2019
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Bingo!
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Level 15
12-07-2019
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I'm looking at a client file right now that got 957 in CTC and the full 2800 ACTC refunded for 2 kids...so some people do qualify for it!
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