Now that we’re in tax season, you may be thinking about getting your tax return submitted as soon as possible. However, if you have kids and you’re planning on claiming the child tax credit, it may be beneficial to 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 to the 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 that part of 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. And here’s when you can expect to receive your child tax credit this year.
Read more: File Early and Get Up to 20% Off Your 2023 Taxes With TurboTax
