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At the beginning of 2024, the U.S. House of Representatives passed $78 billion tax legislation that includes a newly expanded federal child tax credit (CTC) and various tax breaks for businesses....
The future of the child tax credit is being debated in Congress. Years ago, the TCJA doubled the child tax credit to $2,000 per child, with a $1,700 refundable portion in 2024 phased in...
Under the proposed bill, the maximum refundable amount per child would rise to $1,800 in 2023, $1,900 in 2024 and $2,000 in 2025.
You can claim the Child Tax Credit by entering your children and other dependents on Form 1040, U.S. Individual Income Tax Return, and attaching a completed Schedule 8812, Credits for Qualifying Children and Other Dependents.
The bill includes $33 billion to expand the widely used child tax credit for three years — including the tax season currently underway, provided the bill quickly passes the Senate. The...
In effect, the parent's CTC would double to $3,150 for each tax year. How much is the new Child Tax Credit? If the new tax deal is passed by the Senate, the CTC amount will remain at $2,000...
The credit would be adjusted for inflation starting in 2024, which is expected to bump up the maximum credit to $2,100 per child in 2025, up from the current $2,000, according to the...