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IRS TAX UPDATES 2026
Child Tax Credit (CTC)
Maximum credit: $2,200 per qualifying child (same as 2025).
Refundable portion: up to $1,700.
Child must have a Social Security number, as must the parent/guardian
Earned Income Tax Credit (EITC)
EITC amounts increase for 2026 due to inflation adjustments.
Families with qualifying children may see larger refundable credits.
Trump Accounts for Kids (New Program)
While not an IRS “credit,” this is a major 2026 family‑related tax update:
$1,000 government seed contribution for eligible kids born 2025–2028.
Functions like a custodial traditional IRA with tax‑deferred growth.
Contribution limit: $5,000/year from family; $2,500 from employers.
Child & Dependent Care Credit
Still up to 35% of eligible childcare expenses.
Expense caps remain:
$3,000 for one child
$6,000 for two or more