USA

When the U.S. tax filing season begins in 2024, how much tax refund will you receive?

The long-awaited tax filing season is about to begin on January 29, and the Internal Revenue Service (IRS) is ready to receive tax returns from more than 128 million taxpayers.

It’s time to gather all employment-related documents and corresponding forms to meet your upcoming tax obligations.

This season is a time of great anticipation for many families as they look forward to the refunds they are entitled to under tax credits.

child tax credit

This benefit is available exclusively to certain residents, and one of the highlights is a refund for minor children who meet criteria established by the IRS.

Here are some key details to look at to determine if you meet the necessary requirements.

How much is the child tax credit?

An important fact is that the child tax credit is still $2,000. This quarter, however, taxpayers will be able to get a refund of up to $1,600 per child.

Going forward, in tax year 2024, corresponding to tax returns filed during 2025, the refundable amount of the credit will increase to $1,700 per qualifying child, an increase of $100.

Require

Now, it is important to understand the requirements for applying for this credit. Annual income must be less than $200,000 ($400,000 for married couples).

In addition, your children or dependents, whether siblings or grandchildren, must be under the age of 17. You can also be a U.S. citizen or permanent resident, but pay no more than half the fee. Likewise, living in your home for more than half a year and not claiming it on another tax return.

With the arrival of fiscal year 2024, the corresponding return forms will be filled out during 2025. The refundable amount of the credit will increase to $1,700 per qualifying child, an increase of $100. Be prepared to take advantage of these benefits and make sure you meet all the requirements to get the refund you are entitled to. Tax filing season has begun!

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *