Tax Filing Season: The Child Tax Credit’s Waiting Game

With the tax filing season happening, many are still waiting for updates about the child tax credit.

With the tax filing season happening, IRS Commissioner Danny Werfel gives assurance to taxpayers that they can now file for the child tax credit. (Photo: Money)

The Tax Filing Season And The Child Tax Credit

The tax filing season is underway, but some families are waiting to file their returns until the fate of the child tax credit is decided. IRS Commissioner Danny Werfel reassured taxpayers that they can file now this tax filing season and the IRS will make any necessary adjustments for them.

in line with the tax filing season, the changes to the child tax credit, which would increase the amount available to lower-income families, have passed the House but await a Senate vote. If approved, changes will be made to the tax filing season and the credit would increase to $1,800 for the 2023 tax year and be indexed to inflation after 2025.

According to a published article by SmartNews, monthly payments are not included in the plan this tax filing season. The bipartisan bill called the Tax Relief for American Families and Workers Act, passed in the House with a vote of 357-70, but it’s uncertain when it will be voted on in the Senate despite the tax filing season being underway.

Tax Relief And Workers Act of 2024

In a published article by Care.com, The Tax Relief for American Families and Workers Act of 2024 includes new provisions for the Child Tax Credit that would give more money to millions of families.

The U.S. House has approved the bill, and now it’s waiting for a Senate vote. Experts recommend not waiting to file taxes, as changes may take time to pass.

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