The Child Tax Credit: A Special Help for Families
How the Child Tax Credit Works
According to Kiplinger, The child tax credit is a special help for families. It helps reduce the amount of taxes they have to pay. This means that families can get some money back from the government. But not everyone can get this help, and the amount they get depends on how much money they make.
For the 2024 tax year, the child tax credit is worth up to $2,000 per child. But there’s a catch – it’s not all refundable. That means that even if you qualify for the full credit, you won’t get all $2,000 back. But the good news is that some of the credit is refundable, and this year it’s more than last year.
Maximize Your Child Tax Credit: A Guide to Understanding the Benefits and Changes (PHOTO: GOOGLE)
Changes to the Child Tax Credit: What You Need to Know
If Congress doesn’t make changes, the child tax credit will undergo significant updates in 2026. The credit amount will decrease to $1,000 per child, and only children under the age of 16 will be eligible. To stay informed about these changes and determine how they may impact your family, visit the IRS website or use online tools to estimate your eligibility.
