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Child Tax Credit for 2024: Amount and Impact Compared to Previous Years

share-iconTuesday, January 07 comment-icon2 weeks ago 6 views
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newsweekNEWSWEEK
Child Tax Credit for 2024: Amount and Impact Compared to Previous Years

Credited from: NEWSWEEK

  • Child Tax Credit for 2024: Taxpayers can receive up to $2,000 per child for dependents under 17.
  • Approximately 40 million families benefit each year, aimed at reducing child poverty and improving family finances.
  • The refundable portion of the credit is set at $1,700 per child, with eligibility rules in place.
  • Comparison shows that the available amount for 2023 remains unchanged from 2024; however, it is set to drop to $1,000 in 2026.
  • Taxpayers must file by April 15 to claim the credit, with necessary documentation of dependents on form 1040.

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