Now, with the recent announcement of an income limit increase for the child tax credit in 2024, more families will be able to take advantage of this program.
TRAVERSE CITY, MI, US, December 23, 2023 /EINPresswire.com/ — The Child Tax Credit has been a valuable resource for many families in the United States, providing financial assistance to those who need it most.
And now, with the recent announcement of an income limit increase for 2024, even more families will be able to take advantage of this program.
For 2023 and 2024, the income limit for the Child Tax Credit will increase to 400,000 for joint filers and $200,000 for single filers, up from the current limit. This means that more families will be eligible to receive the full credit of up to $2,000 per child.
This increase is a result of the recent legislation passed by Congress, aimed at providing more support to families with children. The Child Tax Credit has been shown to reduce poverty rates and improve the well-being of families, and this increase will only serve to strengthen these benefits.
One of the unique features of the Child Tax Credit is that it is refundable, meaning that even if a family does not owe any taxes, they can still receive the credit as a refund. This is especially beneficial for families with little or no income, as they may still be eligible for the credit.
It’s important to note that the Child Tax Credit is not just for families who owe taxes. Even those who do not have a tax liability can receive a refundable credit of up to $1,400 per child. This means that even the most financially vulnerable families can benefit from this program.
The Child Tax Credit has been a lifeline for many families, providing much-needed financial assistance during difficult times. With the income limit increase in 2024, even more families will be able to take advantage of this program and provide a brighter future for their children.
For more information on the Child Tax Credit and how to apply, visit https://filemytaxesonline.org/how-much-is-the-child-tax-credit/
Article originally published on www.einpresswire.com as New Income Limit Increase for Child Tax Credit in 2024