Understanding available tax credits becomes paramount as families gear up for the 2024 tax season. Beyond the federal child tax credit, several states are stepping up to provide additional relief for eligible households. Let’s delve into the states with child tax credit offerings and the criteria for eligibility.
States with Child Tax Credit
Amidst the tax season buzz, it’s crucial to recognize the ten states extending a helping hand through their child tax credit programs. Idaho, Maine, Maryland, Massachusetts, Minnesota, New Mexico, Oklahoma, Oregon, Utah, and Vermont emerge as the states with child tax credit provisions in 2024.
- Idaho: Idaho’s nonrefundable child tax credit gives households $205 for each qualified child under 16.
- Maine residents can claim $300 for each eligible child and dependent under the dependent exemption tax credit. Qualification conditions for children and dependents match the federal child tax credit.
- Maryland: Maryland residents earning $6,000 or less can claim a $500 refundable tax credit for each qualified child under 17.
- Massachusetts: Families can receive $180 per dependent or $360 per dependent. Dependents must be under 12 to qualify.
- Minnesota families can receive $1,750 per child. The credit steadily reduces for solo filers over $29,500 and joint filers over $35,000.
- For the 2031 tax year, New Mexico families may receive $75 to $175 per qualified child, depending on income.
- Oklahoma: Families under $100,000 can receive 5% of the federal child tax credit.
- Oregon: Families earning less than $30,000 receive $1,000 per kid under 5
- Utah: Eligible households can receive $1,000 for each 1- to 4-year-old child. The amount drops by $10 for each $1 of income above a threshold.
- Vermont: Households earning less than $125,000 receive $1,000 each kid under 5.
These state programs vary regarding refundability and eligibility criteria, ensuring families understand the nuances to maximize their benefits.
From fixed amounts per child to income-dependent scales, each state tailors its assistance to fit the unique financial landscapes of its residents.
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Exploring Eligibility and Benefits
Navigating the maze of eligibility requirements and benefits is critical to unlocking the full potential of state child tax credits. Income thresholds, age criteria, and filing status intricacies shape the eligibility landscape for families seeking additional support.
Understanding these parameters empowers families to make informed decisions, ensuring they capitalize on the available relief while filing their taxes.
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