![]() AGI phaseouts are not indexed for inflation and remain at $400,000 for married taxpayers filing jointly and more than $200,000 for all other taxpayers. The child tax credit is $2,000 per qualifying child up to $1,400 is refundable, subject to phaseouts. Here's a look at a few of the most popular: Some additional tax credits and deductions have been adjusted for 2021. Unless Congress extends the provision, that is not the case for 2021. ![]() ![]() The maximum deduction per return is $300 (it’s not per person). For 2020, if you don’t itemize your deductions, you can claim a charitable deduction of up to $300 for cash contributions. For 2021, qualifying teachers can claim $250 for expenses paid or incurred for books, supplies (other than nonathletic supplies for courses of instruction in health or physical education), computer equipment (including related software and services) and other equipment, and supplementary materials used in the classroom.
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