Jim Guarino in Accounting Today, Take 2! Guarino Quoted About Expanded Child Tax Credit
Accounting Today reached out to Jim Guarino for more insight in the new, expanded Child Tax Credit.
“This is just huge for folks with children,” said Guarino. “First of all, we’ve got an expanded credit. The credit now is up to $3,000 from the original $2,000. So we’ve got an extra $1,000, and in fact for anyone who has a child under the age of six, there’s an additional $600. So for somebody who has a child under the age of six this year, the Child Tax Credit could be as high as $3,600. I think that’s big. The change in the credit now covers 17 year olds, so as long as you’re under the age of 18, you qualify. The old rule was you had to be under the age of 17. So parents now have an extra year that they can include for children that fall into that age bracket.”