Child Tax Credit Amount 2024 – Eligibility, Claiming Deadline, How to file?

The child tax credit is available up to $2,000 for the 2024 tax year, and its refundable component is $1,600. This implies that qualified taxpayers may be entitled to a tax refund of $1600 for each qualifying child. 

Child Tax Credit Amount 2024

If your modified adjusted gross income is $200,000 or less (for all other filers) or $400,000 or less (if you are married filing jointly) in 2023, the child tax credit is worth $2,000 for each qualified dependent child in 2024. 

Up to $1,600 is the maximum value of the refundable part, commonly referred to as the extra child tax credit. Your credit is lowered by $50 for every $1,000 that your income is above the upper limit if your MAGI is higher than those mentioned above.

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The IRS determines your additional child tax credit amount by increasing your earned income above $2,500 by 15%. 

That amount, or whatever portion of the CTC credit you were eligible for but were unable to utilise in full, may be claimed; whichever amount is lower. However, bear in mind that the maximum return for the 2023 tax year is limited to $1,600 for each eligible dependent.

How to File Child Tax Credit in 2024?

The child tax credit and the additional child tax credit are available for the tax year 2023 if you file your federal tax return (Form 1040 or 1040-SR) by April 15, 2024, or by October 15, 2024, if you are filing for an extension of tax time. 

  • First, you need to Navigate to https://www.irs.gov/forms-pubs/about-form-1040.
  • Then you have to observe all the instructions regarding filing the form and gather all the required information.
  • Fill out Schedule 8812, Credits for Qualifying Children and Other Dependents, and attach it to Form 1040, U.S. Individual Income Tax Return, in order to claim the Child Tax Credit for your children and other dependents.
  • Provide all the necessary details carefully such as Your spouse’s Social Security number and those of any dependents you may have, Your bank account number and routing number, etc. 
  • Attach all the required documents and submit your form by double-checking your information.

Child Tax Credit Amount 2024

What is the Deadline to Claim Child Tax Credit 2024?

For most Americans, April 15, 2024, marks the end of filing tax for year 2023. There are still choices available to you if you are unable to file by that date. An extension may be requested. You can submit a complete return by October 15, 2024, six months later, if you file an extension. 

After filing the IRS will issue the payments of valid claims expected to be in 21 days. You should receive your refund by February 27 if you claimed the Additional Child Tax Credit (ACTC) or the Earned Income Tax Credit (EITC). 

Who is Eligible for Child Tax Credit Amount 2024?

The Child Tax Credit assists up to 48 million eligible American parents who require more support in raising their children. However, here are the requirements for Child Tax Credit applicants in 2024, if any. 

  • By the end of 2023, children had to be under the age of 17.
  • A child being claimed must be a son or daughter, stepchild, foster child, brother, sister, half-sibling, or step-sibling, or a descendant of any of those individuals, such as a grandson, nephew, or niece.
  • If your adjusted gross income for 2023 (for those applying in 2024) is less than $200,000 for single parents or $400,000 for combined parents, you will receive a $2000 Child Tax Credit.
  • The credit is decreased by $50 for every $1000 when the maximum adjusted gross income (MAGI) is above the cap. For instance, a person would forfeit $150 from the credit if they made $203,000.
  • Although there are several exclusions, the child must have resided with the claimant for at least six months, or half a year.
  • The claimant must have given a minimum of half of the child’s financial assistance during the course of the previous year. It is probable that the youngster will only be qualified if they contributed at most 51%.
  • A child must be in the United States as a citizen, national, or resident alien and possess a valid social security number, as confirmed by the IRS.

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