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2. Child and Elder Care Tax Credit

The child tax credit will increase from $1,000 to $2,000. The income level will also increase -- married filers may now make up to $400,000 and still claim the credit. The previous threshold was $110,000. In addition to this increase, the act also allows for a $500 credit for those who are caring for a non-child dependent -- those families who are caring for elderly parents.

elder Tax Cuts and Jobs Act
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