Read this post for comprehensive details on the $3,600 Child Tax Credit per Child in the US: Eligibility Criteria and How to Claim It.
$3,600 Child Tax Credit per Child for US
The Child Tax Credit under the American Rescue Plan provides unprecedented relief to working families, offering the highest child tax credit in history. This credit is not a loan but a federal tax benefit designed to substantially support families with children financially.
Families can now take advantage of the Child Tax Credit (CTC), which provides up to $3,600 for each child under 6 years old and $3,000 for children aged 6 to 17. Eligible Americans with children under 18 can easily apply for the CTC 2024 on the official website, www.irs.gov.
The US Child Tax Credit 2024 reduces the cost of raising dependent children. This post provides comprehensive details on the $3,600 Child Tax Credit per Child for US citizens.
Understanding $3,600 CTC Increase 2024
Under the American Rescue Plan, the maximum age for the Child Tax Credit was raised from 16 to 17. The credit for children over six increased from $2,000 to $3,000, and for children under six, it increased from $2,000 to $3,600. The full credit is available to couples earning up to $150,000 or single-parent families earning up to $112,500.
Due to the expanded eligibility and increased tax credit amounts for children under the American Rescue Plan, nearly all households are now eligible. Any family with a child who has a Social Security number can claim the Child Tax Credit in full, regardless of whether they are the child’s primary caregiver or have recently filed a tax return.
$3,600 Child Tax Credit Overview
| Article Title | $3,600 Child Tax Credit per Child for US |
| Country | United States of America |
| Provided By | IRS |
| CTC Amount | Varies according to the number of children. |
| CTC Eligible Age | Under 18 years of age |
| Complete Information | Get Here |
Who is Eligible?
Taxpayers should familiarize themselves with the eligibility criteria for the IRS Child Tax Credit 2024 to determine if they qualify for the program. Here is a detailed overview of the eligibility requirements:
- The youngster must be under 18 years old after the tax year. This expansion increases eligibility for more households compared to the previous restriction limiting eligibility to 17-year-olds.
- To qualify for the payment, the child must possess a Social Security number.
- The child must reside with the taxpayer for more than half of the financial year.
- Taxpayers must choose from one of the following tax filing statuses: head of household, married filing jointly, qualified widow(er) with dependent child, or single. This ensures that the credit aligns with the taxpayer’s designated tax filing status.
- The credit phases out for individuals with modified adjusted gross incomes (MAGI) exceeding $200,000 (or $400,000 for married couples filing jointly).
If you find any of the above information confusing or have lingering questions, seeking assistance from a tax professional can help clarify your eligibility.
How to Claim it?
Once eligibility conditions have been confirmed, applicants can proceed to submit the application form to receive these benefits from the US government. To learn how to apply for the Child Tax Credit (2024) on irs.gov, applicants can review the steps outlined below.
- Complete your federal tax return for 2023. If you need an extension, please respond by April 15, 2024. Use either the 1040 form or Form 1040-SR to file your taxes.
- When filing your tax return, use Schedule 8812, Benefits for Qualifying Children and Other Dependents. Complete information on each eligible child is required for Schedule 8812, including their name, Social Security number, and relationship to you.
- After completing the first two steps, please visit the official website at www.irs.gov. All applicants are kindly requested to fill out the electronic application with all necessary information.
Applicants are responsible for calculating the tax credit amount independently. Before submitting their form, candidates should review it thoroughly. The applicant must confirm that they have included all required information on the application.