Tax season is upon us, with numerous forms and applications to fill out. Parenting or guardians may face difficulties filing due to the complexity of new tax credits and deductions.
Child Tax Credit: It’s tax season again. It’s easy to become confused with all the forms and applications you have to fill out. It is also
Filing can be more difficult if you’re a parent or guardian than if it’s just a solo return or a joint filing with your spouse. Depending on your income level, there are numerous new tax credits and deductions that you may be eligible for.
For children 17 years of age and under, the maximum tax credit is $2,000 per qualified child. You are eligible to receive up to $1,600 for each qualifying kid toward the refundable element of the credit, sometimes known as the extra child tax credit.
To be eligible, you must meet a few prerequisites. The first requirement is that you have to file taxes in 2024 as a parent or guardian.
The IRS states that in order for your child or dependent to be eligible, they need to have a Social Security number that can be used to work in the United States. At the conclusion of the year, they have to be younger than 17 years old. The remaining prerequisites are:
If the parent or guardian’s gross income is more than $200,000 when filing solo, or more than $400,000 if filing a combined return with a spouse, the value of the child tax credit and additional tax credit diminishes.
With the exception of foreign-earned income, individuals who file a Form 2555 or Form 2555-EZ are not eligible for the additional tax credit.
Child Tax Credit 2024: Will there be a Child Tax Credit in 2024?
Listing your children and any dependents on a 1040 form, the US individual income tax return, entitles you to the Child Tax Credit. Schedule 8812, which is for credits for eligible children and other dependents, must also be completed.
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