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Form 1040 (Schedule 8812) online Stockton California: What You Should Know
The tax agency doesn't expect Congress to act on the letters until the spring of 2025 — assuming it doesn't want to waste taxpayer time. Note: The government won't be able to read all the letters, but it will send letters to those people who requested a refund under Section 6431, which deals with certain refundable and nontaxable government benefits (e.g., the Earned Income Credit and the Child Tax Credit). The letter does not mention how to prepare a 2025 tax returns — or who those people should be. A similar letter has been sent to all citizens in the IRS' target population: noncitizens. (However, due to Trump's Executive Order to temporarily ban immigration to the U.S. by nationals of certain predominantly Muslim nations, it is not sending to citizens in the target population.) Trump's tax team didn't get the memo The IRS sent me a letter today, and I haven't heard from Tax Pros about the additional child tax credit. It doesn't matter. It's a mistake that will cause massive confusion among taxpayers, especially those with multiple children. For my non-US readers: This tax credit is meant for families of three or more persons. Taxpayers don't have to meet income thresholds to claim it. Children who are adopted aren't eligible. This is one of the three largest federal refundable tax credits — the other two being the Earned Income Credit and the Child Tax Credit. There have been several significant changes to the standard deduction and standard tax brackets since the credit was enacted in 1975. The credits were increased to 2,000 for joint filers in 1977, and to 2,500 for married couples in 1979. (To learn the current limits, see How Much Is My Standard Deduction?.) The tax rate for the additional child tax credit is 20.5%, as opposed to 17.9% for the standard deduction and 13.4% for the child tax credit. The credit begins to phase out when a taxpayer's adjusted gross income is less than the additional child tax credit threshold, which is a combined income of 67,400 for married couples filing jointly and 61,900 for married couples filing as individuals. For information about the phase-in rules, including what is considered 67,400 or 61,900 in income for these purposes, see IRS Tax Tips on Phase-out Rules. Tax returns are due April 17, 2018.
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