Your Contribution, Our Future

Planned Giving

Since 1891 The New York Botanical Garden has been a leading force in advancing knowledge about plants, preserving biodiversity, and enhancing lives for countless visitors who come to the Garden for its natural beauty.

When you include the Botanical Garden in your estate plans, you help sustain the Garden's mission and provide support for its acclaimed collections and programs for generations to come. A legacy gift can take many forms. You can name The New York Botanical Garden as a beneficiary in your Will, life insurance, IRA, or retirement plan.

You can also establish a gift that will provide you payments for life by funding a charitable gift annuity or a charitable remainder trust.

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Tuesday November 13, 2018

Washington News

Washington Hotline

Increased Child Tax Credit for 2018

In IR-2018-217, the IRS reminded taxpayers of the benefit of the increased Child Tax Credit. The Tax Cuts and Jobs Act doubled the Child Tax Credit from $1,000 in 2017 to $2,000 in 2018.

IRS Commissioner Chuck Rettig urged taxpayers to check their eligibility for the tax credit. He stated, "As we approach the 2019 tax-filing season, I want to remind taxpayers to take advantage of this valuable tax credit if they are eligible to claim it. Tax reform changed the tax code significantly and doubling the Child Tax Credit is an example of how the changes impact taxpayers."

The $2,000 tax credit is available for children who are under age 17 on December 31, 2018. The child must be your qualified dependent and have lived with you for at least six months of 2018. He or she must have a valid Social Security Number by the end of this year.

With the increased standard deduction of $24,000 for couples and $12,000 for individuals, many Americans will owe little or no federal income tax this year. If you have little or no federal income tax and a qualifying child, up to $1,400 of the Child Tax Credit is refundable. You may file a tax return and obtain this refund even if you owe no federal income tax.

The Child Tax Credit phases out for couples or individuals with higher incomes. The phaseout starts at $400,000 for married couples filing jointly and $200,000 of modified adjusted gross income (MAGI) for individual taxpayers.

Published November 9, 2018
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