Child Tax Credit 2024: What is USA CTC Amount and How to Get it? All We Know

The Child Tax Credit (CTC) offers $2000 per dependent child under the age of 17. For 2024, up to $1600 of the CTC can potentially be refunded to taxpayers.

Benefit Amount:

The CTC is a federal tax benefit designed to provide financial assistance to taxpayers with dependent children, helping to reduce their overall tax burden.

Purpose:

Despite efforts to expand the CTC, lawmakers did not make changes before the 2024 filing season. As a result, the tax credit remains the same, with the deadline for filing set for April 15, 2024.

Legislative Update:

The CTC amount of $2000 per qualifying child is available for families with modified adjusted gross incomes up to $400,000 for married couples filing jointly and $200,000 for single parents. The credit reduces by $50 for every $1000 over these limits.

Income Limits:

If your earned income exceeds $2500, you may qualify for the Additional Child Tax Credit, which can provide a refund of up to $1700 per qualifying child for the 2024 tax year.

Additional Child Tax Credit:

To claim the CTC and ACTC, fill out Form 1040 or 1040-SR and Schedule 8812. If you have an extension, file by October 2024. The IRS Free Filing program offers free tax software for those with income below the threshold.

Filing for CTC:

The CTC is a non-refundable tax credit, reducing your tax bill dollar-for-dollar. Some taxpayers may be eligible for a partial refund through the ACTC. Ensure you understand the income thresholds and fill out the required forms accurately to maximize your benefit.

Important Considerations: