What Parents Need To Know About The Child Tax Credit This Year – Featuring Motherly
Taxes are a tricky topic that often isn’t the top of the list to discuss in a household, but understanding the credits available to you for your specific situation are important to ensure you are getting every benefit possible! There are several provisions for those with children designed to ease some of the burdens that tax season can bring, and those with bigger families are particularly impacted! So, here’s what parents need to know about the Child Tax Credit – featuring information from this helpful article “What parents need to know about the Child Tax Credit this year” by Motherly.
The Child Tax Credit is a tax benefit available to eligible families with qualifying dependent children. In 2024, the credit will be worth up to $3,000 per child under age 17, with an additional $600 credit available for children under age 6. The credit is partially refundable, meaning that even if a family owes no federal income tax, they may still be eligible to receive a refund of up to $1,400 per child.
To be eligible for the credit, families must meet certain income requirements. The credit begins to phase out for individuals earning over $200,000 per year, or $400,000 for married couples filing jointly. Additionally, children must meet certain requirements to be considered qualifying dependents. The 2024 Child Tax Credit is expected to provide significant financial relief to families with children, particularly those with lower incomes. It is intended to help families cover the costs of raising children, such as food, clothing, and education expenses.
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