The tax season for 2024 came to a close on April 15 unless you were planning on requesting an extension. If you are hoping that the government’s plan to increase the child tax credit will be passed soon, you should not waste any more time. On this page, I will go over the details of the $3,600 IRS Child Tax Credit Payment for the year 2024. Even if you have no tax liability, you may be eligible to get a refund for the child tax credit because of the portion that is refundable. That goes for the current credit as well as the one that’s currently bogged down in the Senate.
The remaining amount of the tax credit is nonrefundable, so you can only use it to pay taxes that you owe. However, in order to receive it, you need to submit your tax return for the year 2024. To find out if you are eligible for the child tax credit and how much you could receive, you can visit this link. You may find the eligibility requirements for the $3,600 CTC Payment 2024 down below on this page.
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$3,600 IRS Child Tax Credit Payment 2024
You can get the child tax credit if you fill out Schedule 8812, Credits for Qualifying Children and Other Dependents, and attach it with your Form 1040. This will ensure that your qualifying children are listed. If your modified adjusted gross income (MAGI) is more than the level, $50 will be subtracted from the amount of the child tax credit payment you receive in 2024 for every $1,000 over the limit. If your adjusted gross income was $210,000 for the year, you could be eligible to claim $1,500 for every eligible child.
The child tax credit is fully phased out at $240,000 for individuals and $480,000 for married couples filing jointly. For children younger than seventeen years old, the maximum tax credit of $2,000 will become available on December 31, 2023. This year, you can get up to $1,600 back for each kid, but that’s all. For tax year 2021, the enhanced child tax credit was $3,000 for children aged 6–17 and $3,600 for children under the age of 5.
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$3,600 IRS Child Tax Credit Payment 2024 Details
| Post Title | $3,600 IRS Child Tax Credit Payment 2024 |
|---|---|
| Country | America |
| Department Name | Internal Revenue Services |
| Amount | $3,600 |
| Category | GOVERNMENT AID |
| Payment Date | Available soon |
| Official Website | www.irs.gov |
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$3,600 CTC Payment 2024 Eligibility
- Joint filers are required to have modified adjusted gross income (MAGI) of $400,000 or less. For amounts below $200,000.
- The individual you are seeking reimbursement for did not reach the age of 17 as of December 31, 2023.
- Everyone who has their Social Security number can use it.
- This person is a member of your family through blood, adoption, stepparentship, foster care, siblinghood, half-brotherhood, half-sisterhood, or ancestry.
- They have only contributed 50% of their own funds for the relevant tax year.
- They have lived with you for over half a year.
- On your tax return, you should indicate that they are a dependent.
- You hold one of two US citizenships: resident alien or citizen.
Increase in New Child Tax Credit 2024 Amounts
To aid individuals impacted by the COVID-19 pandemic, the government established the American Rescue Plan. One important aspect of this proposal is the expansion of the Child Tax Credit, which provides more financial assistance to families. Families can now get up to $3,000 for each kid, up from $2,000 in the past; an additional $600 will be available in 2024. Under the Act, the CTC was substantially improved. Each child under the age of six is now eligible for a credit of $3,600.
Each child from the ages of six to seventeen is eligible for a $3,000 credit. Children under the age of sixteen were previously eligible for a CTC of no more than $2,000 per child. For every kid, the maximum sum that could be reimbursed was $1,400. As a result of inflation, the refundable portion of this parameter was revised for tax years 2022–2025 and raised to $1,600 in 2023.
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How was the Child Tax Credit expand by Congress?
For children younger than six years old and for those younger than eighteen years old, the Child Tax Credit was raised from $2,000 to $3,600 for a one-year period, as part of the American Rescue Plan. This credit reduces income taxes that families owe on a dollar-for-dollar basis. (The prior law limited eligibility for 17-year-olds after a year for those who were disqualified.) The credit was reduced by $50 for every $1,000 above $112,500 for single-occupancy home heads and $150,000 for couples. Since the previous thresholds only applied to the first $2,000, those individuals would continue to be eligible for that amount.
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Under the statute passed in 2021, the credit was fully refundable, thus families with no or very little federal tax liability got a full refund. The United States Treasury reports that beginning in July 2021, millions of households, or 88% of the country’s children, received monthly payments. For children younger than six years old, the maximum payment amount is $300, and for those aged six to seventeen, it is $250. The Treasury predicts that an additional five million children will be lifted out of poverty as a result of the Child Tax Credit increase.
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