The 2024 tax season starts today, and you may be thinking about getting your federal taxes filed as soon as you can. If you have kids and you’re eligible for the child tax credit, you might want to consider if you should wait to file. This is because Congress is working on an expansion of the child tax credit for this year. We’ll explain what’s going on below.
The child tax credit — both the current credit and the one making its way through the House and Senate — is partially refundable, meaning that for a part of the credit you can get a refund even if you don’t owe any tax. The remainder is nonrefundable, so you can use the tax credit only against taxes you owe. We’ll explain the requirements that must be met to be eligible for the child tax credit in 2024.
Find out below if you’re eligible for the child tax credit in 2024 and how much money you could get. For more tax tips, here are this year’s filing deadlines and our picks for the best tax software.
