Changes To 2024 Child Tax Credit Eligibility

House of Representatives, on Wednesday, approved around $ 80 billion deal to help eligible families with qualifying dependent children. Potential implementation can be as early as this year.

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CTC Is Further Expanded This 2024

House Ways and Means Committee approved the Tax Relief for American Families and Workers Act of 2024 on January 19, 2024. It seeks to expand the Child Tax Credit, emphasizing a per-child basis calculation depending on income earned above $ 2,500.

Low-income parents will particularly benefit in the changes especially that it is to be implemented as early as this year. CTC will be more generous and will retain various business tax breaks. Marca reported that the changes came from substantial bipartisan support as a compromise between two party lines.

If enacted, the changes in the CTC will provide an additional boost of about $100 on tax returns on 2025.

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Beneficiaries Of The 2024 CTC Changes

With the changes in the CTC, there will be a significant increase in low-income families to help ends meet. Eligibility criteria will extend poor families’ tax credit for every child, even if they don’t qualify for the full $2,000 per child.

According to the White House, thanks to the CTC, “most families are automatically receiving monthly payments of $250 or $300 per child without having to take any action.”

However, 2-kids families and 3-kids families may not benefit if earnings is above $40,000 and $70,000 annually, respectively.

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