Expanded Child Tax Credit 2024 is still in the works, and until a Child Tax Credit 2024 bill gets passed, you may be questioning whether you should go ahead and file your taxes.
Lawmakers are still working on a potential expansion to the child tax credit 2024
The child tax credit 2024, both the current credit and its pending at Congress is partially refundable, meaning that for a part of the child tax credit 2024, you can get a refund even if you don’t owe any tax. The remainder is nonrefundable, so you can use that part of the child tax credit 2024 only against taxes you owe.
- How much is the child tax credit for 2024? The maximum tax credit 2024 available per child is $2,000 for each child under 17 on Dec. 31, 2023. Only a portion is refundable this 2024, up to $1,600 per child.
- Will Congress expand the child tax credit in 2024? Americans are not sure but if approved, the expanded child tax credit 2024 is around the $2,000 child tax credit.
- Who is eligible for the child tax credit 2024? Below are the requirements to get a child tax credit 2024:
- You have a modified adjusted gross income (MAGI), of $200,000 or less, or $400,000 or less if you’re filing jointly.
- The child you’re claiming the credit for was under the age of 17 on Dec. 31, 2023.
- They have a valid Social Security number.
- They are your legally recognized child, stepchild, foster child, sibling, half-brother or half-sister, or a descendant of one of these categories (like a grandchild or niece or nephew).
- They have contributed no more than half of their financial support in the relevant tax year.
- They have lived with you for over half the year.
- You are claiming them as a dependent on your tax return.
- You are a US citizen or resident alien.
Read Also: Additional Child Tax Credit Update: Eligibility, Status, And Refund Date: Check Now!
Child Tax Credit 2024: Should I wait to file my tax return or file as soon as I can?
Though the proposed Child Tax Credit 2024 changes have cleared the House, it’s up in the air whether the Senate will approve the Child Tax Credit 2024 bill. Until the legislation is signed into law, you may wonder if you should hold off on filing your tax return.
According to IRS Commissioner Daniel Werfel don’t wait for the Child Tax Credit 2024 bill to pass. Taxpayers should not wait for these lawmakers to file their tax returns.