The Child Tax Credit (CTC) aids low-income families by cutting taxes for each child under 17, with the Additional Child Tax Credit (ACTC) providing up to $1,600 per child.
Additional Child Tax Credit: Low-income families in the US often have trouble paying their bills, especially when they have kids. The Child Tax Credit (CTC) is very helpful because it lets families who qualify claim up to $2,000 for each qualifying child under 17. The credit cuts taxes directly, dollar for dollar, which makes it a useful way to lower overall tax bills. The refundable part, called the Additional Child Tax Credit (ACTC), gives up to $1,600 per child to families who don’t owe much or any income tax. This can help them out financially, even if they don’t owe much or any income tax.
The CTC helps up to 48 million eligible adult applicants across the country pay for the costs of raising children. The application process can be hard, but the financial help it provides is a big plus for those who are eligible.
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The child’s age, relationship to the applicant, and financial circumstances are just a few of the requirements that must be fulfilled in order to qualify.
You can claim the Additional Child Tax Credit (ACTC) on your federal tax return. To start, you need to fill out the standard Child Tax Credit Worksheet that comes with Form 1040 or 1040-SR. If you can make the extra claim, you need to fill out Schedule 8812.
You can get back up to $1,600 of the $2,000 for each eligible child in 2024 and 2025 if the Additional Child Tax Credit makes your tax bill zero. The IRS has given the following information about what you need to do to apply for it:
State Child Tax Credit 2024: 14 States Guarantee Full Benefits
ACTC can’t be used if you or your spouse (if you’re filing a joint return) file Form 2555 or Form 2555EZ (without foreign earned income).
For a child to be a qualifying child, the applicant and any children living with them must have the following traits:
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