As tax season approaches, it's essential to be informed about credits that can significantly impact your refund. One such benefit is the Child Tax Credit (CTC), designed to provide financial relief to families with qualifying children.
Eligibility Criteria for the 2024 Child Tax Credit
To qualify for the CTC in the 2024 tax year, ensure the following:
Age: Your child must be under 17 at the end of 2024.
Relationship: The child must be your son, daughter, stepchild, foster child, sibling, stepsibling, or a descendant of any of these.
Support: The child must not have provided more than half of their own support during the year.
Dependent Status: You must claim the child as a dependent on your tax return.
Citizenship: The child must be a U.S. citizen, U.S. national, or U.S. resident alien.
Residency: The child must have lived with you for more than half of 2024.
Income: Your modified adjusted gross income (MAGI) should not exceed $200,000 for single filers or $400,000 for joint filers to claim the full credit.
Credit Amounts for 2024
For the 2024 tax year:
Standard Credit: Eligible families can claim up to $2,000 per qualifying child.
Refundable Portion: The refundable portion of the credit, known as the Additional Child Tax Credit (ACTC), allows families to receive up to $1,900 per qualifying child as a refund, even if they owe no tax.
Maximize Your Tax Benefits
At Kamish & Associates, we are committed to helping you navigate the complexities of tax credits and deductions. Our experienced team will ensure you claim all eligible benefits, optimizing your tax refund.
📞 Contact us today to schedule a consultation and make the most of your 2024 tax return!
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