Child Tax Credit for 2024: How Much is CTC and When Will You Get this Payment?

The child tax credit or CTC is known as a significant federal tax benefit that is provided to families with children. This credit remained unchanged as a result of this and the eligible filers can easily claim almost $2000 for each dependent that is qualifying. Out of this amount, $1600 can be refunded potentially. 

The child tax credit is known as a tax credit that is non-refundable and is designed to reduce tax bills on the basis of dollar for dollar. This wipes out the obligation of tax potentially. Certain taxpayers can qualify for this type of partial refund by this additional child tax credit. This is only provided to individuals who meet the criteria of eligibility for getting this credit. 

Child Tax Credit for 2024

In order to qualify for the child tax credit, the taxpayers along with their children should meet the criteria of eligibility that are specified and are based on the age of the child and their relationship with the filer. Along with this, the rules of income mainly apply as the credit phases out for raised earners.

Child Tax Credit 2024: Overview

TitleChild Tax Credit for 2024
GovernmentFederal Government of the United States
Authorized byInternal Revenue Service
CountryUnited States of America
Year2024
AmountMentioned in post

How much is Child Tax Credit for 2024

For the year 2023, the credit amount of $2000 per every qualifying dependent who has MAGI or modified adjusted gross income below $400000 is provided if they are married and filing jointly. Further other files have an adjusted gross income of $200000. 

  • For the tax year 2024, the child tax credit will remain at $2000 for each qualifying child along with the potential refund of $1700 with the additional child tax credit.
  • The taxpayers can claim the child tax credit while filing their annual tax returns as it is provided that they should meet seven types of key criteria that are related to the age of the child, their relationship, the status of dependent, residency, citizenship, income as well as financial support. 
  • Several claims were made related to the federal tax return which is mainly due by 15th April or 15th October along with the extension.
  • Schedule 8812 which is Credits for Qualifying Children and Other Dependents helps in determining the child tax credit amount and potential refund. 
  • The tax software as well as the free file program of the Internal Revenue Service streamlines the process of claiming as well as guides filers through the significant forms and steps. 
Child Tax Credit for 2024: How Much is CTC and When Will You Get this Payment?

More information about the Child Tax Credit for 2024

The payment of the child tax credit along with the increased limit of credit, broader eligibility as well as completed refundability is mainly expected to be credited to the account of the individuals by 30th October 2024. This payment will be either deposited directly in the bank account or can be refunded. 

  • The payment for each month will be issued on the 15th of every month. 
  • If the individual does not get their payment amount then they should wait for three business days before contacting the authorities. 
  • These help in making the process of accessing the child tax credit easier for all the families that are meeting the criteria of eligibility by offering financial support in the seasons of tax.  
  • The individuals that meet the eligibility can easily claim up to $2000 for every deed that meets the criteria of eligibility and out of this $1600 can be refundable potentially. 

Eligibility Criteria for Child Tax Credit for 2024

In order to become eligible for this benefit it is necessary that you must follow the following points given in this section:

  • The individual should have a modified adjusted gross income of $200000 or less if they are single and $400000 or below if the individual is filing jointly.
  • The child for which the individual is claiming the credit should be below the age of 17 on 31st Dec 2023. 
  • It is also necessary for the individual to have a valid social security number and they should be a resident of the United States of America. 
  • The individual should have contributed no more than half of their own financial assistance in the tax year that is relevant. 
  • To get more information related to this credit it is recommended to visit the official website of the Internal Revenue Service. 

Fact check on CTC for 2024

The child tax credit this year is not refundable fully. This therefore means that if the tax liability of the individual increases what they received from the credit then the individual forfeits the difference. The individual can still be able to claim the extra child tax credit that refunds almost $1600 for every child. 

  • If the individual has paid for the childcare then they can qualify for the child and dependent care credit. 
  • On the basis of the circumstances of the individual, they can declare child expenses of between 20 percent to 35 percent. 
  • The maximum amount that can be claimed by the individual is $3000 for one child that is under 13 or a dependent that has disabilities. 
  • Individuals need to have earned the income in order to qualify for this credit along the care of their children should not have been offered by a spouse or a member of the family. 
  • Other federal income tax breaks that are available to families involve adoption credits, earned income tax credits, and education credits.

1 thought on “Child Tax Credit for 2024: How Much is CTC and When Will You Get this Payment?”

  1. How about the IRS stop playing games, I filed my refund jan 27th and still have not got nothing, now me and my family are late on rent,electric water etc, gonna end up getting evicted and everything shut off cause they taken their time. I can’t even get a hold of a live person no more

    Reply

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