2024 Child Tax Credit (CTC): Requirements, Benefits, and How to Claim

Lima, 01/17/2024, 11:59 p. m.

By 2024, Joe Biden’s administration plans to benefit more than one million families with the Child Tax Credit (CTC) for citizens in the 2024 period, allowing them to reduce the impact of expenses in the basket basic education and the child poverty index.

It should be noted that the CTC is a United States federal tax benefit that is granted to families with qualifying children. The credit reduces the amount of taxes a family must pay or, in some cases, can provide a tax refund.

The Child Tax Credit benefits millions of citizens in the United States (Photo: Freepik.es)

REQUIREMENTS TO ACCESS THE CHILD TAX CREDIT (CTC)

• The child’s age cannot exceed 17 years at the end of the tax year.
• Likewise, the child must be the biological, adopted or stepchild of the taxpayer, or be fostered by the taxpayer.
• The child and his or her father, mother, or both, must be US citizens or legal permanent residents.
• The modified adjusted gross income (AGI) must be less than $400,000 if married or $200,000 for other taxpayers. If these amounts are exceeded, the credit is reduced to $50 for every $1,000 that exceeds the limit.
• The credit applicant must have contributed half of the child’s financial support during the last year. If more than 50% was provided, you may be discarded from the selection.

HOW TO CLAIM THE CHILD TAX CREDIT (CTC)?

To request this year’s CTC, you must use the federal tax return (Form 1040 or 1040-SR), which is filed by April 15, 2024 or before October 1, 2024 for the next year.

The applicant must complete Annex 8812, a document that must be presented together with document 1040. Likewise, it is recommended that during the process the documents and credentials of the applicant and the minor be on hand.

2024-01-18 05:08:55
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