Child Tax Credit 2024 Requirements: In 2024, if there are any modifications to the Child Tax Credit eligibility criteria, which could affect as many as 48 million applying American adults who require additional assistance with childrearing, what are the new requirements for claimants?
Nonrefunded child tax payments of up to $2,000 per qualifying dependent are available to parents with children under the age of 17, although refunded child tax payments are also available.
Individuals must satisfy several requirements, including the age of the child, their relationship with the claimant, and their income, to qualify.
To be eligible for the credit, the taxpayer must submit a federal tax return (Form 1040 or 1040-SR) by April 15, 2024, or October 2024 if a tax extension is granted. In addition to Form 1040, Schedule 8812 must also be completed by the claimant.
The refund is due by February 2024, as the Internal Revenue Service is legally unable to issue payments before that date, assuming the return was not filed after February.
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What are the necessary criteria?
- By the end of 2023, an infant must have been below the age of seventeen.
- Relationship: The child being claimed must be one of the following: a son or daughter, a stepchild or foster child, a half-sibling or step-sibling, or a descendant of one of these individuals in the form of a granddaughter or nephew.
- Residency requirements stipulate that the infant must have resided with the claimant for a minimum of six months (half a year), with certain exceptions.
- In the preceding year, the claimant is required to have furnished a minimum of fifty percent of the financial support for the child. If the infant contributed more than 51%, they probably will not qualify.
- Citizenship: An infant must meet the IRS criteria of being a US citizen, US national, or US resident alien, in addition to possessing a valid social security number.
- Income: Applicants who file in 2024 are eligible to receive a Child Tax Credit of $2000 for 2023, assuming their adjusted gross income is less than $400,000 for a married couple or $200,000 for an individual.
- The maximum adjusted gross income (MAGI) is subject to a $50 reduction for each $1,000 that surpasses the limit. Thus, a person who earned $203,000 would incur a $150 deduction from the credit.
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