IRS Child Tax Credit 2024: Check Your Eligibility and the amount you could get?

While the Child Tax Credit is administered by the federal government, it is distributed by different states. The amount that New Mexico families can expect to get from the Child Tax Credit 2024 will vary based on factors like family size and income, but it will not exceed $600 for those who qualify. Credits will take some time to become available after filing. A taxpayer’s personal income tax return may be subject to mail verification by the New Mexico Taxation and Revenue Department in an effort to forestall identity theft.

Processing time may increase by six to eight weeks when necessary information is collected in order to confirm the taxpayer’s identification. It’s important to note that filing is near to conclude during this period. If filing electronically, taxpayers have until April 30 to apply for the $600 Child Tax Credit for 2024, and if filing on paper, the deadline is April 15.

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2024 Child Tax Credit Amount

One tax benefit that has both refundable and nonrefundable parts is the Child Tax Credit. If a kid is under the age of 17 as of December 31, 2023, they are eligible for a maximum credit of $2,000 in 2024. No tax liability is necessary to get a maximum refund of $1,600.

Nevertheless, the balance of the credit cannot be refunded and can solely be utilized to lower tax obligations. To be eligible for this credit, taxpayers need to submit a tax return, regardless of whether they owe money or not.

IRS Child Tax Credit 2024

Note: If your income is more over the $1,000,000 MAGI threshold, you will see a $50 reduction in your Child Tax Credit amount. When an individual’s or married couple’s modified adjusted gross income (MAGI) reaches $240,000 or $480,000, respectively, the credit is fully eliminated.

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Eligibility Criteria for the Child Tax Credit 2024 in USA

If you want to use the child tax credit in 2024, you have to meet these requirements. Use the IRS website’s Interactive Tax Assistant to verify your eligibility if you’re still unclear.

  • If filing jointly, the maximum allowed modified adjusted gross income (MAGI) is $400,000, while if filing alone, it is $200,000 maximum.
  • As of the year’s end (December 31, 2023), the claimed minor must not have turned seventeen years old.
  • The child’s Social Security number needs to be current and active.
  • The link to the kid must be direct, like that of a sibling, stepchild, foster kid, or biological offspring (such as a niece, nephew, grandson, or stepchild).
  • Throughout the year, the child shouldn’t have been responsible for more than 50% of their financial support.
  • Over half of the year, the minor must have resided with the taxpayer.
  • The taxpayer is required to list the child as a dependent on their tax return.
  • All year long, the taxpayer must have been a citizen or lawful permanent resident of the United States.

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Future of the Child Tax Credit

During the COVID-19 epidemic in 2021, the federal government of the United States temporarily raised the child tax credit to assist families. As a result, the rate of child poverty dropped to an all-time low. But the child tax credit remained at its higher level until the year 2022. The credit amounts went back to their original levels once the period finished, as it was a temporary measure.

For 2023, 2024, and 2025, there is a proposal to alter the $2,000 child tax credit. The credit can still be partially refunded under the proposed changes, so taxpayers can still get some of their money back even if the benefit is more than their tax bill.

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With changes for inflation in the latter years, the maximum refundable amount will grow by $2,000 in 2025, $1,900 in 2024, and $1,800 in 2023. The remaining $2,000 credit, however, cannot be refunded in its entirety. Only $200 of the credit in 2023 can be used to offset taxes that are owed; the rest will not be refundable. If the taxpayer owes no taxes, this sum will remain unchanged.

Do not let yourself be distracted during this tax season by these planned changes to the child tax credit. Neither their filing requirements nor the amount you may collect from your present tax return will be affected by them. These bills have not yet passed into law since they are currently in the legislative process.

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If the amount of my credit exceeds my tax liability, what will happen?

If a family’s tax due is higher than the amount they get in child tax credit, the excess may be forfeited. But they might get up to $1,600 back for each kid if they qualify for the extra child tax credit.

Additionally, the child and dependent care credit can be claimed by parents who have paid for daycare services. A family with one child can deduct up to $3,000 in daycare costs, and a family with two or more children can deduct up to $6,000 in costs.

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State-Specific Child Tax Credits

If taxpayers want to know if they are eligible for state-level child tax credits, they should look into it on their state’s tax portal. Fifteen states will have their own child tax credit programs by the year 2024. The rewards and restrictions to qualify for these credits can vary.

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How to Claim the Child Tax Credit?

Please complete these steps in order to claim the Child Tax Credit:

  • To submit your federal income tax return, use either Form 1040 or 1040-SR. This is the form you’ll use to apply for the Child Tax Credit.
  • To figure up the credit, use Schedule 8812 (Form 1040). Filling out this form will help you figure out how much of the Child Tax Credit, if any, you are eligible to collect.
  • If you want your tax return completed quickly and easily, filing early is a good idea.
  • You can get your return faster if you file early and get a refundable credit.

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