Cornfused about Credits

[Edsel]

I've missed the boat somewhere.  Replacing the exemptions for 2018 is "enhanced credits".

My current perception is the Child Tax Credit is increased to $1500, with phaseout threshold raised to $400,000.  PLUS - $300 for each dependent, whether they qualify for Child Tax Credit or not.  Soooooo...most children under age 17 get $1500 for CTC plus $300 for being a dependent?

I think I'm wrong.  Someone please tell me where...  I was on top of this until they started messing with it shortly before it passed.

Thanks, Edsel

 

[Pacun]

I think it is $2,000 per child under 17, of which $1,400 is refundable.  For other dependents, parents or people older than 17 years old dependents you will get $500 of NON-refundable credit.

If I am not mistaken, dependents with ITINs will have different credits than that of those with Social Security numbers.  I believe they will be treated as "older than 17 year old" dependents but I am not sure.

[Edsel]

Thank you PacMan.