We advise you to read this page for all of the important information about the impending Extra Tax Refund Money under the Child Tax Credit, including who is eligible and when the payments will be sent.
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Extra Tax Refund Money Under Child Tax Credit
The American Rescue Plan provides historic relief to working families with the highest Child Tax Credit ever offered. Families can receive up to $2,000 per child; however, only a portion of this amount is refundable.
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If you qualify for the Child Tax Credit but cannot claim the full amount because your tax liability is less than the available credit, you may be eligible for the refundable Additional Child Tax Credit. This additional credit allows parents to potentially receive more money back and reduce their tax bill, helping to offset expenses.
For more details about the Extra Tax Refund Money under the Child Tax Credit, continue reading this post.
Understanding Extra Tax Refund Money Under CTC
The Additional Child Tax Credit is a tax benefit designed to reduce overall tax obligations for qualified taxpayers. Families who owe less in taxes than their eligible Child Tax Credit amount can claim this credit. The Additional Child Tax Credit reimburses taxpayers for any unused portion of the Child Tax Credit, up to an inflation-adjusted limit.
This refundable tax benefit can be claimed if certain conditions are met. In 2023, the Child Tax Credit may be refundable for up to $1,600 per eligible child. In 2024, this amount will increase to $1,700. To receive a refund, filers need to complete Schedule 8812.
Who is Eligible?
Most households with children are eligible for the Extra Tax Refund Money Under the Child Tax Credit, though certain income restrictions apply.
Here are some key eligibility criteria you must meet to qualify:
- The youngster must be under the age of 17 at the conclusion of the tax year.
- The child can be your niece, nephew, grandchild, brother, sister, stepbrother, foster child, son, or daughter.
- You must claim the youngster as a dependant.
- The child’s self-support should not exceed 50%.
- The child must have lived with you for the majority of the year.
- The child must be a U.S. citizen, resident alien, or national.
- The child should not file a joint return with anyone else unless their sole purpose is to claim a refund of withheld taxes or anticipated taxes paid.
Additionally, working parents with low to moderate income are typically eligible for this benefit.
Payment Dates
The IRS has announced that if individuals choose direct deposit and there are no issues with their tax returns, most extra child tax credit refunds should be available in bank accounts or on debit cards by February 27. Some early payments may even be processed a few days before this date.
The delay is due to the IRS’s inability to issue earned income tax credit and extra child tax credit refunds before mid-February. The additional time is required by law to prevent fraudulent returns.
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For information on your specific refund date, check the “Where’s My Refund?” tool. By February 17, this tool will provide updated anticipated deposit dates for most early filers of EITC/ACTC refunds.
Thank you for visiting our portal for the latest updates on Extra Tax Refunds.