If you’re expecting a tax refund this year, you’re probably looking to file your taxes as soon as possible to get your money quicker. However, if you have kids and you’re claiming the child tax credit this year, it may be beneficial to wait to file. This is because the Senate now is working on an expansion of the child tax credit. We’ll explain what’s going on below.
The child tax credit — both the current credit and the one making its way through Congress — 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. 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
