Congress is still working on a potential expansion to the child tax credit for tax years 2023 through 2025. Until that happens, you may be wondering whether it’s best to hold off on filing your tax return or to go ahead and submit it if you’re claiming the credit. We’ll help you find out what’s going and what you should do.
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 whether you should wait to file, 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 refund this year.
Read more: File Early and Get Up to 20% Off Your 2023 Taxes With TurboTax
