Child Tax Credits play a vital role in providing financial relief to many Americans, offering a refund of up to $2000 per eligible child under the age of 17.
However, for the year 2024, not all states in the US are offering this assistance. It’s crucial to stay informed about your local state’s policies, as the availability of the credit can vary.
As of 2024, 14 out of the 50 states have embraced the Child Tax Credit. These states include California, Colorado, Idaho, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Oklahoma, Oregon, Utah, and Vermont.
However, it’s essential to stay updated on the news, as other states may be in the process of deliberating whether to adopt this credit into their laws.
The Child Tax Credit is a financial benefit designed to support eligible parents or guardians in covering the costs of raising children. Qualifying families can claim up to $2000 per child under 17, with an additional $600 for children under six.
The credit is partially refundable, allowing families to receive a portion of it as a refund, even if they have minimal or no federal income tax liability. Tax laws are subject to change, so it’s advisable to regularly check for the latest information.
Ensuring the Child’s Eligibility
To ensure a successful application, claimants must adhere to specific rules aimed at protecting the collective wealth of Americans. Seeking legal advice from an attorney can be beneficial to review the application and ensure its solidity for the best chance of success.
For the tax year 2024, individuals seeking the Child Tax Credit must meet certain conditions:
- Modified adjusted gross income (MAGI) should be $239,000 or less, or $479,000 or less for joint filers.
- The child claimed to have been under 17 years old on December 31, 2023.
- Possession of a valid Social Security number is mandatory.
- The child should be a legally recognized child, stepchild, foster child, sibling, half-brother or half-sister, or a descendant of one of these categories.
- The child must not have contributed more than half of their own financial support in the relevant tax year.
- Residency with the claimant for more than half of the year is required.
- The child must be claimed as a dependent on the tax return.
- The claimant needs to be a US citizen or resident alien.
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