2024 Child Tax Credit Scenarios – Check It Now!

IRS Urges Taxpayers to File Taxes as Usual Amid Child Tax Credit Uncertainty

Potential Expansion of Child Tax Credit Won’t Delay Filing Process

According to Alabama, the future of the child tax credit remains uncertain as the Tax Relief for American Families and Workers Act faces ongoing debates in the U.S. Senate. The proposed legislation aims to increase the maximum refundable amount per child over the next three years, potentially benefiting millions of families. However, officials from the Internal Revenue Service (IRS) advise taxpayers not to delay filing their taxes in anticipation of changes to the credit.

According to IRS Commissioner Danny Werfel, taxpayers should proceed with filing their returns without waiting for the outcome of the legislation. If the expanded child tax credit becomes law, the IRS will handle the necessary refund adjustments for those who have already filed their 2023 returns, requiring no additional steps from taxpayers.

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2024 Child Tax Credit Scenarios – Check It Now!(PHOTO: getty image)

IRS Processes Over 53 Million Tax Returns Amid Child Tax Credit Uncertainty

As of the week ending March 1, the IRS has processed 53.2 million tax returns and issued approximately 36.3 million refunds, with an average refund amount of $3,182. The tax deadline for most filers remains April 15th, and it is crucial for individuals to continue filing their taxes as usual, regardless of the potential changes to the child tax credit.

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