Home Tech Claiming the Child Tax Credit? Here’s When to Expect Your 2024 Refund

Claiming the Child Tax Credit? Here’s When to Expect Your 2024 Refund

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When will you receive your 2024 tax refund for claiming the Child Tax Credit?

As a parent, you may be well aware of the Child Tax Credit, a valuable tax benefit that helps families with the cost of raising children. The Child Tax Credit has undergone some significant changes in recent years, with the American Rescue Plan Act of 2021 increasing the credit amount and expanding eligibility for more families. If you have children under the age of 17, you may qualify for this valuable tax credit.

In 2024, the IRS will be sending out refunds to eligible families who claimed the Child Tax Credit on their 2023 tax returns. If you have already claimed the credit for the tax year 2023, you can expect to receive your refund sometime in early 2024. The IRS typically begins processing tax returns in late January or early February, so you should receive your refund within a few weeks after you file your return.

The amount of the Child Tax Credit you receive will depend on your income, filing status, and the number of qualifying children you have. For the tax year 2023, the maximum credit amount is $3,600 per child under the age of 6 and $3,000 per child age 6 to 17. This is an increase from previous years, and many families will benefit from this higher credit amount.

To claim the Child Tax Credit for the tax year 2023, you must meet certain criteria, including having a qualifying child, meeting income limits, and filing a tax return. The child must be under the age of 17 at the end of the tax year, be related to you, live with you for over half the year, and be a U.S. citizen, resident alien, or national. The credit is also phased out for higher-income families, so it’s important to check the income limits to see if you qualify.

If you haven’t already claimed the Child Tax Credit for the tax year 2023, you may still be able to do so by filing an amended tax return. The IRS allows taxpayers to file an amended return within three years of the original filing date, so you have some time to claim the credit if you missed it on your initial return.

Overall, the Child Tax Credit is a valuable tax benefit that can help families with the cost of raising children. If you qualify for the credit, be sure to claim it on your tax return to receive the refund you deserve. Keep an eye out for your refund in early 2024, and remember to consult with a tax professional if you have any questions about claiming the credit.

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