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2024 Child Tax Credit Latest Updates!

child tax credit in 2024
child tax credit in 2024 (Photo: Marca)
child tax credit in 2024

The 2024 tax year sets the maximum tax credit at $2,000 for each child under 17 years old as of December 31, 2023. (Photo: CNET)

Find out if you’re eligible for the child tax credit in 2024 and learn how to claim your entitlement.

With tax season drawing near, families with children under 17 need to explore the potential benefits of the Child Tax Credit for 2024. This credit is specifically designed to mitigate tax burdens for eligible households and can offer substantial financial assistance. Nevertheless, comprehending the criteria for qualifying and the procedure for claiming is crucial.

The 2024 tax year sets the maximum tax credit at $2,000 for each child under 17 years old as of December 31, 2023. To be eligible, families must satisfy certain requirements, which include having a modified adjusted gross income (MAGI) of $200,000 or below (or $400,000 or lower for those filing jointly). Additional prerequisites include the possession of legitimate Social Security numbers, dependent status, and either US citizenship or residency.

Although the credit is not available for a refund this year, families may still qualify for extra refunds via the Additional Child Tax Credit if their tax liability is less than the credit amount. Families must comprehend these subtleties to optimize their financial advantages during the current tax season.

READ ALSO: IRS Announces 2024 Tax Season Key Dates & News: Make Sure You’re Prepared!

Congress is currently assessing the feasibility of improving the Child Tax Credit in 2024, as part of ongoing negotiations regarding potential expansion. If authorized, this action might allow families with lower incomes to get the credit for each child, thus providing additional assistance for qualifying households.

Additionally, families may have access to state-specific tax credits, which might provide various benefits depending on the state. Although there are many opportunities available, families need to verify the details of each state’s tax credit program via their state tax portals.

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