Child Tax Credit 2024: What You Need to Know Before Filing Your Taxes


As tax season approaches, many families prepare to file federal taxes and claim the Child Tax Credit 2024. This year, a twist may make you reconsider submitting your papers.

Child Tax Credit 2024: What You Need to Know Before Filing Your Taxes (Photo from: The Wall Street Journal)

Congressional Child Tax Credit 2024 Expansion

The Child Tax Credit 2024 is $2,000 per qualified child, partially refundable. However, Congress is considering a credit expansion. This expansion proposes modifications to the child refundable amount in 2023, 2024, and 2025.

Families must meet Child Tax Credit 2024 requirements. This requires qualifying children under 17, a MAGI below limitations, and other IRS credit conditions.

Taxpayers may ask if deferring their taxes is sensible given the expected Child Tax Credit changes. The House has approved the expansion, but the Senate is undecided. Tax experts advise waiting to file before seeing how the legislation develops, especially if you want the Child Tax Credit 2024.

READ ALSO: 2024 Tax Refund: Check Out How Homeownership Can Bolster Returns

Considerations and Advice

Some counselors encourage taxpayers to file quickly regardless of legislation. The IRS advises timely filing for tax credits other than the Child Tax Credit 2024. Tax experts provide customized advice.

Many jurisdictions offer family tax incentives beyond the federal Child Tax Credit 2024. State requirements and benefits differ, so check your tax portal for credit details.

READ ALSO: Fourth Wave of Stimulus Checks: February 2024 Relief Arrives for Eligible Americans

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