This tax season, experts advised residents eligible for the Child Tax Credit 2024 to wait for the outcomes of the proposed expansion by U.S. lawmakers.
Eligibility requirements for the Child Tax Credit 2024. (Photo: WSU)
Child Tax Credit 2024
Millions of Americans are expected to file their taxes on Monday, but experts advise waiting for the outcomes of the proposed expanded Child Tax Credit 2024 by the U.S. lawmakers. If you have children who are eligible for the Child Tax Credit, you might consider not filing yet.
In a published article in CNET, lawmakers are working on the expansion of the Child Tax Credit 2024. Meanwhile, both of the CTC, including the proposed one, is partially refundable. However, there are requirements to be met to claim the Child Tax Credit 2024.
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Eligibility for the Child Tax Credit 2024
According to a published article in the CNBC, here are the eligibility requirements for the Child Tax Credit 2024:
- You have a modified adjusted gross income, or MAGI, of $200,000 or less, or $400,000 or less if you’re filing jointly.
- The child you’re claiming the credit for was under the age of 17 on Dec. 31, 2023.
- They have a valid Social Security number.
- They are your legally recognized child, stepchild, foster child, sibling, half-brother or half-sister, or a descendant of one of these categories (like a grandchild or niece or nephew).
- They have contributed no more than half of their own financial support in the relevant tax year.
- They have lived with you for over half the year.
- You are claiming them as a dependent on your tax return.
- You are a US citizen or resident alien.
Furthermore, taxpayers are advised to visit the official website of the Internal Revenue Service to know more information about the CTC 2024.
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