Child Tax Credit Amount 2024 Coming- How Much You Can Receive & How to Calculate the Credits?

The Americans will receive Child Tax Credit Amount 2024 Soon. The Child Tax Credit Amount came under the expansion of the American Rescue Plan. The CTC was enacted in the 1997. Since then, it has been benefitting the eligible families. In the US, there are 50 million families who have been earning below 125% of the Federal Poverty Levels or FPL. And in those families, there are almost 15 million children who have been living under impoverished conditions. The Child Tax Credit Amount will benefit such families. The families will be eligible to get maximum $2000 through the CTC. The families are going to get some extra CTC amounts this year. Therefore calculate how much you can receive from the Child Tax Credit Amount in 2024.

Child Tax Credit Amount 2024

The low income families find it difficult to support the education and wellbeing of the child. Because they have reduced sources of income, it becomes difficult for the families to provide the child with basic and most fundamental necessities of life. Therefore, the Child Tax Credit under the American Rescue Plan will be a savior in such times when the world has witnessed several economic ups and downs. A report by CNBC says that almost 36% children from the low income families witness food scarcity thrice a week. And around 25% of them face psychological issues. These issues really hamper the growth of the children and bleaks the future of the nations.

Food Stamps Changes 2024

Child Tax Credit 2024 Expansion Update

$3200 Stimulus Checks 2024 Announced

All such reasons, the Internal Revenue Service delivers CTC to the eligible families. In the year 2023, it has brought more than half of destitute children out of child poverty. In 2023, more than 60 million children receive expanded Child Tax Credit Amounts. Such measures by the IRS reduce the child poverty which is the aim of the CTC. The eligible families will be able to receive expanded CTC amounts in 2024. In order to know more regarding the Child Tax Credit Amount in 2024, continue reading the article. It has full and extended coverage of the CTC 2024.

Child Tax Credit Amount 2024: Overview

Brief Overview Child Tax Credit Amount in 2024; How to Calculate the Benefits
 Official agency Internal Revenue Service (IRS)
Country of Origin The United States of America
Category Tax Credit
Beneficiary group Eligible families for the legal dependent under age of 17
Year 2024
Purpose of the Article How to calculate the Tax Credit in 2024
Official website www.irs.gov

Child Tax Credit Amount 2024 Coming- How Much You Can Receive & How to Calculate the Credits?

Who will receive the Child Tax Credit Amount in 2024?

The eligible families will receive the tax credit amounts for the legal dependents. The families must earn less than $200,000 on annual basis to avail the child tax credit full amounts. The prospective families earning more than $200,000 a year might get reduced benefits in 2024. The families who are filing their taxes jointly can earn up to $400,000 yearly to avail the full amount of child tax credit. The eligible families or parents and guardians will be able to get reduced or partial child tax credit for higher income than the specific mandates set by the IRS.

Qualified Children for Child Tax Credit Amount in 2024

Only the qualified children will be able to receive the tax credit amounts. The children need to follow below mentioned eligibility criteria in order to avail the Child Tax Credit amounts in 2024. The qualifying child for 2023 tax year to avail the credit amounts in 2024

  • The child has social security number then is eligible for employment in the United States
  • The child must be under age of 17 by the end of the year
  • The child is your son, daughter, step child, eligible foster child, sister, brother, step sister, step brother, half brother, half sister and descendent such as grandchild, niece, nephew. The person related to the child will receive the credit amount in 2024
  • The child must be US citizen
  • The child must be US national
  • Or the child is properly claimed on the person’s tax returns
  • The child has lived with the person who is claiming the benefits for more half a year
  • The person is providing less than half of the expenses for the child. The person will get the tax credit amounts
  • The child can either be a US resident alien

How to Calculate the Child Tax Credit Amount in 2024?

  • The families will be able to calculate the credit amounts on the basis of their annual income. The higher the income, the higher the child tax credit amounts are. The families can receive up to $2000 as one-time tax credit. This tax credit is the maximum under the CTC for any family.
  • A lower income family earning $12500 of a year will receive $1500 for a qualifying child. If the family or couple has two children, they will receive $3000 for 2 qualifying children and $4500 for three qualifying children and so on. The IRS will provide maximum $2500 to families of a qualifying child by 2025. In order to know more about the income and its Child Tax Credit, the families need to visit the IRS official portal to calculate the CTC benefits on varied annual income.
  • The families need to file no formal application to obtain the benefits through Child Tax Credit Amount in 2024. The prospective families need to file tax return in the previous to avail the benefits. The families who do not normally file tax returns will also be eligible for the Child Tax Credit Amount 2024. The IRS will provide the benefits directly in to the bank accounts of the families of the eligible children. For additional updates, you can visit the official website of the IRS.
Sass News Home Click Here 

Leave a Comment