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2024 Child Tax Credit: Eligibility, Updates, and Refund Tracking Guide for American Families

(photo: South Arkansas Sun)

2024 Child Tax Credit Eligibility and Updates

As Tax Day gets closer, Americans want to make sure they’re getting all the tax benefits they can especially the child tax credit.

According to the published article of CNET, child tax credit for 2024 gives you up to $2,000 for each kid under 17 at the end of 2023. But only part of this money can be refunded up to $1,600 per child.

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(photo: IT Gujarat)

How To Qualify

– Your income should be $200,000 or less if you’re single or $400,000 or less if you’re married and filing together.
– The kid you’re claiming the credit for must have been under 17 at the end of 2023 and meet other rules like having a Social Security number and living with you for most of the year.
– You also need to be a US citizen or resident alien.

If you earn more than those limits your credit starts to decrease and once you earn $240,000 or $480,000 if married you can’t claim it at all.

Congress might change the child tax credit but we’re not sure yet. The IRS says don’t wait to file your taxes even if the rules might change. It’s good to file early so you can also get other tax credits like the earned income tax credit.

To get the child tax credit, write down your eligible kids on your tax form and include Schedule 8812. If the credit is more than what you owe in taxes you might get an extra refund called the additional child tax credit. If you paid for childcare, you could also get another credit called the child and dependent care credit.


Tracking Your Child Tax Credit Refund

The IRS usually starts giving out refunds including those for the child tax credit in mid-February for people who filed early and chose direct deposit. But because these credits make things more complicated and the IRS wants to avoid fraud.

If you’re waiting for your refund and think it might be delayed because of these credits you can check where it is using the IRS‘ “Where’s My Refund” tool. This tool tells you when you can expect your money which can help ease your worries.

Refunds sent directly to your bank account usually arrive quicker than those sent by mail which might take four to six weeks. If you haven’t gotten your refund when you expected, checking online can give you some answers.

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Furthermore, staying informed about tax credits, filing taxes promptly, and utilizing available resources are essential steps in maximizing tax benefits and ensuring financial stability for families. By following these guidelines taxpayers can navigate the tax season with confidence and peace of mind.

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