Child Tax Deduction Eliminated

The child tax deduction has been eliminated by the Tax Cuts and Jobs Act of 2017.  The child tax credit, however remains and has increased to $2,000 per qualifying child.  A qualifying child is one who is under the age of 17 and has lived with the taxpayer for over half the year.  The right to take the tax credit can be transferred to a non-custodial parent by filing IRS Form 8332.  The child tax credit begins to phase out for Adjusted Gross Income about $75,000 for single tax payers.  The phase out is $50 per $1000 income in excess of $75,000 AGI.