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Tax Credits Information available from IRS Now

This in email from IRS today. The child tax credits for 2018 has drastically INCREASED over 2018 – working poor and middle class families get about twice as much credit as previously, including for special needs children older than 17. Details on how to get the money are at the IRS link via govdelivery.com. The content of their email is as follows:


Issue Number:    IR-2018- 217


Get Ready for Taxes:
Here’s how the new tax law revised family tax credits

WASHINGTON – More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service.

This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the IRS has recently updated a special page on its website with steps to take now for the 2019 tax filing season.

The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years. The new law also created a second smaller credit of up to $500 per dependent aimed at taxpayers supporting older children and other relatives who do not qualify for the Child Tax Credit.

“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,” said IRS Commissioner Chuck Rettig. “Tax reform changed the tax code significantly and doubling the Child Tax Credit is an example of how the changes impact taxpayers.”

Here are some important things taxpayers need to know as they plan for the tax-filing season in early 2019:

Child Tax Credit increased

Higher income limits mean more families are now eligible for the Child Tax Credit. The credit begins to phase out at $200,000 of modified adjusted gross income, or $400,000 for married couples filing jointly, which is up from the 2017 levels of $75,000 for single filers or $110,000 for married couples filing jointly.

Increased from $1,000 to $2,000 per qualifying child, the credit applies if the child is younger than 17 at the end of the tax year, the taxpayer claims the child as a dependent, and the child lives with the taxpayer for more than six months of the year. The qualifying child must also have a valid Social Security Number issued before the due date of the tax return, including extensions.

Up to $1,400 of the credit can be refundable for each qualifying child. This means an eligible taxpayer may get a refund even if they don’t owe any tax.

For more information, see Publication 972, Child Tax Credit, available soon on IRS.gov.

New Credit for Other Dependents

A new tax credit – Credit for Other Dependents — is available for dependents for whom taxpayers cannot claim the Child Tax Credit. These dependents may include dependent children who are age 17 or older at the end of 2018 or parents or other qualifying relatives supported by the taxpayer.

During the upcoming tax-filing season, the IRS urges taxpayers to use the agency’s Interactive Tax Assistant to see if they qualify for either of these credits. To find out more, visit IRS.gov.


July 2018 Employment Data

This just in via email from the Indiana Department of Workforce Development. NOTE: the increase of 2,964 in unemployed residents shows 2,964 more people are now seeking jobs – people who gave up looking long ago are now re-entering the job market in earnest with intent to become employed. This is a very strong indicator that the quality and benefits of available jobs has increased enough to attract more workers.

July Indiana Employment Report

INDIANAPOLIS (Aug. 17, 2018) – Indiana’s unemployment rate stands at 3.4 percent for July and remains lower than the national rate of 3.9 percent. With the exception of one month when it was equal (October 2014), Indiana’s unemployment rate now has been below the U.S. rate for more than four years. The monthly unemployment rate is a U.S. Bureau of Labor Statistics (BLS) indicator that reflects the number of unemployed people seeking employment within the prior four weeks as a percentage of the labor force.

Indiana’s labor force had a net increase of 15,564 over the previous month. This was a result of a 2,964 increase in unemployed residents and an increase of 12,600 employed residents. Indiana’s total labor force, which includes both Hoosiers employed and those seeking employment, stands at 3.38 million, and the state’s 64.8 percent labor force participation rate remains above the national rate of 62.9 percent. Indiana’s labor force growth of 67,519 over the past six months represents the state’s largest six-month increase since 1995 in the state.

In addition, Indiana’s initial unemployment insurance claims continue to be at historical lows.

Learn more about how unemployment rates are calculated here: http://www.hoosierdata.in.gov/infographics/employment-status.asp.


June Indiana County, City & MSA Employment Report

DWD News Release Banner

For Immediate Release | 7/23/2018
Contact: Kayli Schroeder
Phone: 317-232-7358
Email: kschroeder@dwd.in.gov  


June Indiana County, City
& MSA Employment Report

INDIANAPOLIS (July 23, 2018) – Links to June 2018 employment data for Indiana counties, cities and MSA’s are listed below:

Employment Report (LAUS)
Labor Force Estimates for U.S., Indiana, MSAs, Counties, Cities

Ranking of Indiana Counties by Unemployment Rate
Indiana County Map with Unemployment Rates

Jobs Report (CES)
Seasonally-Adjusted Employment Table for Indiana
Non-Seasonally-Adjusted Employment Table for Indiana

Detailed Employment Listing – Statewide & MSAs

EDITOR’S NOTE: Per the U.S. Bureau of Labor Statistics (BLS), sub-state level data are not seasonally adjusted due to sample size. For example, over the course of a year, the size of the labor force, employment and unemployment levels, and other measures of labor market undergo fluctuations due to seasonal events including changes in weather, harvests, major holidays, and school schedules. Therefore, for more accurate comparisons, data should be compared to the same month from prior years, not the previous month, as to better account for non-economic factors.

The July 2018 Indiana Employment Report will be released on Friday, August 17, 2018, at 10:00 a.m. (EDT) and the July 2018 Indiana County, City and MSA Employment Report will be released on Monday, August 20, 2018, at 12:00 p.m. (EDT).