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Child Tax Credit 2024: Updates, Eligibility, and Claim Process – What You Need to Know

(photo: SK Financial)

Child Tax Credit 2024 Update: Key Information

In 2024, there’s a push to expand the Child Tax Credit (CTC) in the U.S. The CTC helps families with children by lowering taxes or boosting refunds. Changes in 2021, like making it fully refundable helped lower-income families and cut child poverty, according to the report of Sassy by Savannah.

Proposed Expansion for 2024

In 2024, there’s a plan to make the Child Tax Credit (CTC) bigger and available to more families to lessen child poverty. The Tax Relief for American Families and Workers Act of 2024 has passed the House and needs Senate approval to become law.

READ ALSO: $2.5 Trillion Green Energy Efforts Fall Short: Biden Administration Faces Criticism Amidst Lackluster Results – Check It Now!

(photo: NRCL)

Eligibility Criteria for 2024

To qualify for the 2024 CTC expansion:

Citizenship: Both you and your child must be U.S. citizens or resident aliens.
Child’s Age: Under 17 by December 31, 2023.
Relationship: The child must be a biological, step, foster, adopted child, sibling, or descendant.
Social Security Number: Required for both child and parents.
Residency: The child must live with you for over half the year, with some exceptions.
Financial Support: You must provide more than half of the child’s support.
Dependency: You must claim the child as a dependent.
Income: MAGI must be below $400,000 (married filing jointly) or $200,000 (single/head of household).

To get the refundable part of the credit, you need at least $2,500 in income using either the current or prior year’s income.

READ ALSO: 125,000 Medicaid Recipients In Jeopardy: Texas Rejects Cook Children’s Contract – Spurring Concern And Appeals!

Maximum Payment Amount

For 2024, the proposed CTC payment is $2,000 per child under 17. If the expansion isn’t passed, the maximum remains $2,000 with no monthly payments. If passed, families with two children could receive up to $4,000, with possible monthly installments.

Approval Chances and Claim Process

The CTC expansion bill passed the House. Apply by April 15, 2024, with either current or previous year’s income. File taxes, attach Schedule 8812, and check refund status on the IRS website using your Social Security number and tax year.

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