Author Topic: Help me understand the refundable portion of the child tax credit  (Read 554 times)

Gin1984

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I have only had a child during the time that 100% of the credit was refundable so I am unsure how to do the math with this current situation.  Can someone walk me through it?

MDM

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Re: Help me understand the refundable portion of the child tax credit
« Reply #1 on: January 12, 2018, 04:42:31 PM »
I have only had a child during the time that 100% of the credit was refundable so I am unsure how to do the math with this current situation.  Can someone walk me through it?
I think (and therefore put this logic into the current case study spreadsheet) it will be
a) subtract up to $2000/child from the "tax due minus (up to $500/dependent-not-eligible-for-the-CTC)"
b) get a refund of up to $1400/child minus the amount used in "a".

Gin1984

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Re: Help me understand the refundable portion of the child tax credit
« Reply #2 on: January 12, 2018, 04:46:23 PM »
I have only had a child during the time that 100% of the credit was refundable so I am unsure how to do the math with this current situation.  Can someone walk me through it?
I think (and therefore put this logic into the current case study spreadsheet) it will be
a) subtract up to $2000/child from the "tax due minus (up to $500/dependent-not-eligible-for-the-CTC)"
b) get a refund of up to $1400/child minus the amount used in "a".
What did you base that on? 

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MDM

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Re: Help me understand the refundable portion of the child tax credit
« Reply #3 on: January 12, 2018, 05:10:48 PM »
I have only had a child during the time that 100% of the credit was refundable so I am unsure how to do the math with this current situation.  Can someone walk me through it?
I think (and therefore put this logic into the current case study spreadsheet) it will be
a) subtract up to $2000/child from the "tax due minus (up to $500/dependent-not-eligible-for-the-CTC)"
b) get a refund of up to $1400/child minus the amount used in "a".
What did you base that on? 
Primarily
Text - H.R.1 - 115th Congress (2017-2018): An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. | Congress.gov | Library of Congress and [USC07] 26 USC 24: Child tax credit

Gin1984

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Re: Help me understand the refundable portion of the child tax credit
« Reply #4 on: January 12, 2018, 05:11:51 PM »
I have only had a child during the time that 100% of the credit was refundable so I am unsure how to do the math with this current situation.  Can someone walk me through it?
I think (and therefore put this logic into the current case study spreadsheet) it will be
a) subtract up to $2000/child from the "tax due minus (up to $500/dependent-not-eligible-for-the-CTC)"
b) get a refund of up to $1400/child minus the amount used in "a".
What did you base that on? 
Primarily
Text - H.R.1 - 115th Congress (2017-2018): An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. | Congress.gov | Library of Congress and [USC07] 26 USC 24: Child tax credit
Thanks

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EricEng

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Re: Help me understand the refundable portion of the child tax credit
« Reply #5 on: January 18, 2018, 07:16:43 AM »
I have only had a child during the time that 100% of the credit was refundable so I am unsure how to do the math with this current situation.  Can someone walk me through it?
I think (and therefore put this logic into the current case study spreadsheet) it will be
a) subtract up to $2000/child from the "tax due minus (up to $500/dependent-not-eligible-for-the-CTC)"
b) get a refund of up to $1400/child minus the amount used in "a".
This is correct from everything I have read on it as well.