Navigating the Uncertainty: Should Families Wait to File for Child Tax Credit Expansion?
Navigating the Uncertainty: What Families Should Consider Regarding the Child Tax Credit Expansion Bill
As the proposed child tax credit expansion bill remains stuck in the Senate for over a month, many families are left wondering about the best course of action regarding their tax returns. The child tax credit, which is currently partially refundable, provides a refund even if no tax is owed but a portion of it is nonrefundable and can only be used against owed taxes. To be eligible for the child tax credit in 2024, certain requirements must be met.
If you are eligible for the child tax credit in 2024, you may be unsure whether to file your tax return now or wait for the bill’s approval. The maximum tax credit available per child is $2,000 for each child under 17 on December 31, 2023. However, only a portion of this amount up to $1,600 per child, is refundable this year. It is important to understand the eligibility requirements and consider whether waiting for the bill’s approval could potentially affect your tax refund.
2024 Child Tax Credit Filing: Should You Submit Your Tax Return Early? (PHOTO: CNET)
Planning Ahead: Navigating Tax Season Amidst Pending Child Tax Credit Legislation
As families navigate the uncertainty surrounding the child tax credit expansion bill, it’s essential to stay informed about filing deadlines and available tax software options. While the bill remains pending in the Senate, families eligible for the child tax credit should weigh their options carefully before filing their tax returns. Additionally, understanding the potential impact on the timing of receiving tax refunds is crucial for planning family finances.
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