Kids under 17 are pretty big this year, with a $ 2,000 credit phased out at much higher incomes than the $ 1,000 credit was. Many people never got to utilize the $ 1,000 credit, but almost all get the $ 2,000 credit now.
The downfall for many thus far as been a significant decrease in taxes withheld, turning big refunds into small refunds and small refunds into liabilities
Kids under 17 are pretty big this year, with a $ 2,000 credit phased out at much higher incomes than the $ 1,000 credit was. Many people never got to utilize the $ 1,000 credit, but almost all get the $ 2,000 credit now.
The downfall for many thus far as been a significant decrease in taxes withheld, turning big refunds into small refunds and small refunds into liabilities
Seems like people are getting a worse tax result than in years past.
People are also having less withholdings taken out of their paychecks so that is 1 of the reasons why.
Why do you think that is? Do you think the withholding tables weren't properly aligned? I've seen the same thing for a few people as well already this year.
The credit is definitely big for anyone with kids under 17 as long as the kids are citizens. Maybe people will complain less about aliens getting all these benefits with the credit for children with ITINs reduced to $500 as compared to $2,000