IRS Tax Credit Schedule 2024: Know Updated Tax Credit Dates from June to December 2024

The term ‘Tax Credit’ refers to the amount which a taxpayer is allow to subtract directly from the taxes they owe. The tax credit can be categorized into certain categories that include, refundable tax credit, non-refundable tax credit and partially refundable tax credit. There are several types of tax credits provided to the eligible citizens of the country. For instance, Child Tax Credit (CTC), Earned Income Tax Credit (EITC), American Opportunity Tax Credit, Child and Dependent Care Tax Credit and many more. On continuing to this post, you will be able to gain important knowledge on IRS tax credit and its schedule along with various types of tax credits that an individual can claim along with their eligibility requirements. Continue reading this post, so that you cannot miss any updates.

IRS Tax Credit Schedule 2024

There is a major difference between a tax credit and a tax deduction. While the tax credit is termed as the reduction of a specific amount in taxes a taxpayer owes, the tax deduction is termed as a reduction in the amount of income of a taxpayer that is subject to taxation. The schedule for tax credit an individual is eligible to claim will depend on the time when they have filed for their tax credits. As of 2024, the last date to file for the annual tax return of 2023 has already passed and if you have not filed your tax returns, then you can use the benefit of the extended deadline to file your tax returns till 15th October, 2024.

After filing your tax returns, the Internal Revenue Service will approve your tax returns within 24 to 48 hours. Generally, the IRS issues the tax credit within 6 to 8 weeks of the day after approving your tax returns. However, a delay might be expected in a tax refund to arrive as per an inaccuracy in the tax returns made by the applicant which must be corrected. Thus, it is advised to file your tax returns accurately to avoid in any delay.

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IRS Tax Credit Schedule 2024 Quick Details

Post title IRS Tax Credit Schedule
Country The USA
Department Internal Revenue Service
Category Taxation
Based on Annual tax returns
Months June to December
Year 2024
Official website

IRS Tax Credit Schedule 2024: Know Updated Tax Credit Dates from June to December 2024

Child Tax Credit Schedule 2024

The Child Tax Credit (CTC) is a non-refundable tax credit which reduce the taxpayer’s tax liability. To be eligible for the CTC, a child must be under 17 years of age, must have a social security number (SSN) and must be dependent to the taxpayer. The maximum CTC amount that can be credited is $2,000 per qualifying child. The deadline to file tax returns for the previous year has already passed on 15th April 2024, however, the citizens who have not filed their returns yet can do so as per the extended deadline of 15th October 2024 before claiming their CTC refunds.

Earned Income Tax Credit Schedule 2024

Earned Income Tax Credit (EITC) is for the low-income taxpayers which is claimed by the IRS that four out of five citizens are receiving EITC. Citizens are notifying that the deadline for the EITC to submit their tax returns was 15th April 2024, however, you can still file for your tax returns until the extended deadline which is 15th October, 2024. As mentioned before, the EITC is for the low-income taxpayers, however, there are still many individuals who qualify but do not claim EITC. These individuals are:

  • Grandparents raising their grandchildren
  • Native Americans
  • Veterans
  • Self-employed
  • Without a qualifying child
  • Recently divorced or unemployed
  • Not proficient in English
  • Living in rural areas any many more

Check the maximum amount of credit under EITC as per tax year 2023 in the following table:

Qualifying child Amount
0 $600
1 $3,995
2 $6,604
3 or more $7,430

American Opportunity Tax Credit Schedule 

The IRS stats that the American Opportunity Tax Credit is for qualified education expenses paid by or on behalf of an eligible student for the first four years of higher educations. In case the tax credit reduces the amount of tax a taxpayer owes to zero, then they can get a refund of 40% of any remaining amount of the credit up to $1,000. To claim the credit, the taxpayer’s income must be below $80,000 or $160,000 if they are married and filing jointly.

Child and Dependent Care Credit Schedule 

If you paid someone to care for your child so that you or your spouse if filing jointly can work pr look for work, then you are eligible for the Child and Dependent Care Credit. However, there are some requirements which must be qualified in order to be eligible for the credit which are as follows:

  • A person (and spouse if filing jointly) must have lived in the United Stats of America for half a year of the tax year.
  • You paid expense for the care of a qualifying individual to enable you (and your spouse if filing jointly) to work or look for work.
  • A qualifying individual is generally a dependent under 13 years of age, a spouse of a dependent of any age who is incapable of self-care and who lives with you for more than half of the year will be qualified for the credit.

Lifetime Learning Credit 

The Lifetime Learning Credit (LLC) is for qualified education and related expanses paid for eligible students enrolled in an eligible educational institution. You must qualify the following eligibility criteria in order to claim the credit:

  • The eligible student must be you, your spouse or the dependent you mentioned in your tax return.
  • You, your dependent or third party pay qualified education expenses for higher education.
  • You, your dependent or third party pay qualified education expenses for an eligible student enrolled at an eligible education institution.

IRS Tax Credit Schedule 2024

As already mentioned, the deadline for filing tax returns of year 2023 is already passed on 15th of April 2024. However, you can still file your tax returns as per the extended deadline of 15th October 2024. The tax refunds can be expected within six to eight weeks after the IRS has approved your tax returns. It is advised to file the tax returns with an all accuracy to avoid a delay in tax refunds to arrive. For more information, you can also visit the official website of the Internal Revenue Service.

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