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Exemptions have been removed entirely. That's a deduction of $4,050 per child that went away. However, Child Tax Credits increased from $1,000 to $2,000 (with $
by meritt 9y ago
Exemptions have been removed entirely. That's a deduction of $4,050 per child that went away. However, Child Tax Credits increased from $1,000 to $2,000 (with $1,400 being fully refundable).
For someone in a 25% tax bracket, the additional $1,000 credit is basically the same as a $4,000 exemption.