Child Tax Credit 2024 Eligibility: As tax season approaches, numerous parents are eager to learn the amount of their child tax credit (CTC). Others, however, are merely curious as to whether their income qualifies them for the benefit or a refund.
The additional child tax credit (ACTC) is an essential component of the economies of a number of American households, either due to the tax credit itself or the refunds that can be obtained by utilizing it.
Families with low incomes or those that were incomeless during the tax year 2023 may experience significant financial strain due to their inability to utilize the CTC. A recent legislative change nevertheless facilitated the provision of desperately required relief.
Beginning with the 2023 tax year, which is due in 2024, income-free families may also register for the CTC and receive a maximum $1,600 refund per qualifying child.
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What is the eligibility requirement for the Child Tax Credit 2024?
The utmost CTC is available to married individuals filing a joint return for an income of $400,000. For the remaining filers, the threshold is up to $200,000.
In the event that a taxpayer’s modified adjusted gross income surpasses the specified figures by $1,000, the CTC will diminish by an equivalent amount of $50.
Although the maximum credit per qualifying child is $2,000, families with no or low income may submit an application to ACTC for rebates of up to $1,600 per qualifying child.
To determine your ACTC eligibility, you are required to complete Form 8812.
What are the eligibility criteria?
In order to be eligible for the CTC, a minor must:
- By the end of the year, you must be under 17 years of age.
- Meet the IRS-established relationship requirements.
- Annually, do not contribute in excess of fifty percent of their own financial support.
- Have cohabitated with the candidate for an excess of six months.
- Have held the status of a citizen, national, or alien US resident previously.
- The applicant ought to refrain from completing a joint return with her spouse or solely for the purpose of claiming a refund of withheld income tax or estimated tax paid.
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