How to Claim the Child Tax Credit and Who Qualifies in 2024

The Child Tax Credit, in this 2024 season, helps families with qualifying children obtain a tax benefit of up to $2,000 per eligible child. Can I have the benefit if I did not generate income in 2023?

This is a great help, given that child support is very expensive in the United States, especially with the inflation that the country has suffered. According to research developed by LendingTree, from birth to age 18, raising a child in the United States can cost, on average, $237,482.

WHAT IS THE CHILD TAX CREDIT?

According to the page of the White Housethe Child Tax Credit (CTC) is a relief for most working families, who will automatically receive monthly payments.

In this 2024 season, the credit per child will be up to $2,000 for each eligible minor, depending on each case. However, the law allows a maximum reimbursement of US$1,600 per dependent minor, not the full US$2,000.

A parent or guardian can claim this credit for their annual income if it does not exceed US$200,000 (US$400,000 if married and filing jointly). In the case of taxpayers who exceed these amounts, the amount of the credit to which they will be eligible will gradually decrease.

Federal support will be for each child (Photo: Pixabay)

IF I DID NOT FILE MY RETURN IN 2023, CAN I CLAIM THE CHILD TAX CREDIT?

According to the page From the Internal Revenue Service (IRS), which is responsible for disbursing the Child or Dependent Tax Credit, the credit can be granted even if you do not normally file a tax return. Eligibility depends on your income, the age of your children and other factors. To see if you qualify, go to Interactive Tax Assistant (ITA).

HOW TO CLAIM THE 2024 CHILD TAX CREDIT?

To claim the Child Tax Credit, the IRS indicates that you must:

• Enter the information of your children and other dependents in the Form 1040 (SP), United States Personal Income Tax Return.
• You must attach everything to the Annex 8812Credits for qualified children and other dependents, completed.
• The deadline to submit the application is April 15, 2024 or before October 1, 2024 to receive it in 2025.

ABOUT THE AUTHOR

Journalist with more than 20 years of experience, working in different areas in print and digital media. Currently, she works as editor of the Audience Nucleus of the El Comercio Group.

2024-02-01 13:19:09
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