The child tax credit is one federal tax benefit that assists those who are raising children financially. Refunds from the credit are possible for taxes submitted in 2024. Individuals will begin receiving refunds on April 07, 2024.
Topics
Child Tax Credit 2024 Refund Date
With a maximum benefit of $2,000 per kid under 17 for the 2023 tax year, the kid Tax benefit (CTC) is a beneficial tax credit for families with children. For individuals who file online and with direct deposit and file early, the IRS normally processes tax returns within twenty-one days.
The IRS informed CNET that, for taxpayers who filed and selected direct deposit, the majority of earned income tax credit and child tax credit refunds should be accessible in bank accounts or on debit cards by April 7, 2024, there are no additional problems with their tax return.
| Refund approved by IRS | Refunds via Direct Deposit | Paper check mailed by IRS |
| Feb 17, 2024 | 27 Feb, 2024 | 2 Mar 2024 |
| Feb 24, 2024 | 8 Mar, 2024 | 12 Mar, 2024 |
| Mar 2, 2024 | 18 Mar, 2024 | 22 Mar, 2024 |
| Mar 9, 2024 | 28 Mar, 2024 | 1 Apr, 2024 |
| Mar 16, 2024 | 7 Apr, 2024 | 11 Apr 2024 |
| Mar 23, 2024 | 17 Apr, 2024 | 21 Apr, 2024 |
| Mar 30, 2024 | 27 Apr, 2024 | 1 May, 2024 |
| Apr 6, 2024 | 7 May, 2024 | 11 May, 2024 |
The IRS claims that the reason for the delay is that it is unable to give refunds for the earned income tax credit and the extra child tax credit before the middle of April. Lawfully, the agency must utilize the additional time to stop false reimbursements.
- Child Tax Credit Updates
- Why is my refund so low this year
- New Jersey ANCHOR Rebate
- How much is the CTC for 2024?
- IRS Tax Refund Calendar 2024
- Student Loan Forgiveness
- $1500 stimulus check
Child Tax Credit Refund Amount
Taxpayers with children under the age of 17 may be eligible for a tax credit of up to $2,000. A maximum of $1,680 of the credit can be refunded for taxes paid in 2024. In tax years 2024 and 2025, the reimbursed amount would increase to $1,900 and $2,000, respectively.
To be eligible for the refundable version of the child tax credit, a taxpayer must earn at least $2,500. The child tax credit is a federal tax benefit that is essential for providing financial support to taxpayers who have children.
Earnings under $75,000 for single taxpayers, $112,500 for head of household filers, and $150,000 for married filing jointly filers are eligible for the entire refundable component of the CTC. The refundable amount begins to fade off over certain thresholds and may completely vanish for higher income levels.
How to claim the CTC in 2024?
You may report the child tax credit score and the additional child tax credit score for the tax year 2023 if you file your federal tax return (Form 1040 or 1040-SR) by April 15, 2024, or by October 20, 2024, if you record a tax extension.
You must also complete and submit Schedule 8812, “Credits for Qualifying Children and Other Dependents,” with your 1040. This agenda will help you calculate the amount of your child tax credit and, if applicable, the amount of your claimable partial refund.
CTC Refund Eligibility 2024
You must fulfill a few requirements to be qualified for the CTC refund:
- Tax Filing: By April 15, 2024 (or, with an extension, October 15, 2024), you must submit your 2023 tax return.
- Qualifying Child: By the end of 2023, you must have a child under 17 who satisfies the IRS dependence standards.
- Relationship: The child must be descended from you or be your son, daughter, foster child, stepchild, or sibling.
- Financial sustain: In 2023, the child will not be able to sustain themselves more than half the time.
- Living Arrangement: For most of 2023, the youngster had to reside with you.
- Tax Status: Unless you are filing jointly to get a refund of anticipated taxes paid or withheld income tax, you are not allowed to submit a joint return with your spouse.
- Citizenship: Either you or your child must be citizens, nationals, or permanent residents of the United States.
How to Check the status of your Child’s tax credit refunds?
- Go to the following website: https://www.irs.gov.
- Select “Where’s my refund.”
- Once the “check your refund” button appears on the screen, locate it and click it.
- A form shows up. After entering your social security number, choose the appropriate tax year from the list of choices.
- Enter the amount of your return and choose your filing status.
- You may find out the status of your refunds by selecting the submit option.
Go to GMR Homepage To Get Relevant Topics.