$3,600 Child Tax Credit Latest Updates For 2024

The U.S. government launched a major financial support program called the $3600 Child Tax Credit, especially during the COVID-19 pandemic. With the goal of helping families in meeting their children’s basic needs, the CTC provided low and middle class families the help they needed.

This credit, which was extended under the American Rescue Plan of 2021, helped millions of families in dealing with financial challenges. Families are eagerly awaiting for news on whether the expanded $3600 Child Tax Credit will be reintroduced and what changes to the program are expected.

$3,600 Child Tax Credit Latest Updates

The $3,600 CTC was first introduced to help families with dependent children who were experiencing economic difficulties due to the COVID 19 pandemic impact. Parents who had children under the age of 6 could receive $3,600 per child under this program, while parents who had children between the ages of 6 and 17 could receive $3,000 per child.

However, this increased credit was temporary and ended after 2021. As of 2022, the credit changed to its previous, smaller amounts. Discussions in Congress led to interest in partial expansions of the CTC, but the full return of the 2021 benefits has yet to be confirmed.

$3,600 CTC Latest Updates Overview

$3600 Child Tax Credit Amount Updates

Although it’s not possible that the 2021 amounts will be fully returned, discussions about increasing the Child Tax Credit in 2024 are currently in progress. The increased benefits of 2021 have expired, families can still claim the CTC when they file their 2024 tax returns.

For 2023, the refundable part of the CTC was increased to $1,800 per child, and estimates indicate this amount can increase to $1,900 in 2024, with a possible increase to $2,000 per child by 2025.

Who Can Claim the Child Tax Credit

• In order to qualify for the $3600 Child Tax Credit, a dependent child needs to be 17 years of age or younger and have a kind of familiar relationship with the claimant, like being their son, daughter, etc.
• Furthermore, the child has to have lived with the claimant for a minimum of half of the year, though there might be a few exceptions.
• The applicant must be a resident of the US and both the child and the applicant must have valid Social Security numbers in order to claim CTC payments.
• There are additional restrictions based on income: single filers may receive up to $75,000, head of household filers may receive up to $112,500, and joint filers may receive up to $150,000.

CTC Payment Plans

• Although they have not been reintroduce yet, the expanded monthly payments from 2021 may do so in the future.
• If Congress reintroduce them, the payments could be like 2021, with half paid monthly and half claimed at tax time.
• If reintroduced, CTC payment could be made around the 15th of each month from August to December 2024.
• Families who participate in this program may be eligible to claim the full $3600 Child Tax Credit (CTC) when they file their taxes in 2024, so it’s critical to keep up with IRS announcements.

How to Claim $3600 Child Tax Credit

• To be eligible for the $3600 Child Tax Credit 2024, families must submit their yearly tax returns to the IRS.
• This can be done through the IRS website or by using an approved tax preparation service.
• Applicants must submit accurate information about their dependents, such as proof of residency and Social Security numbers to claim CTC payments.
• The IRS usually processes returns and issues refunds within 21 days, and delay may occur if errors are detected in tax returns.

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