The Child Tax Credit

Tax credits directly reduce the amount of tax you owe, dollar for dollar, so they’re quite impactful. Taxpayers with children or dependents under the age of 17, will qualify for the Child Tax Credit.

The federal child tax credit for 2024 provides up to $2,000 per dependent child under 17. This amount can help reduce the amount you owe in taxes or increase your tax refund. Up to $1,700 per child can be claimed as a refundable credit, meaning it can be used to increase the amount you receive for your tax refund.

To qualify for the child tax credit, your income for 2024 must be $200,000 or less if you’re filing as an individual or $400,000 or less if you’re filing a joint return. The credit begins to decrease by $50 per $1,000 of income over these thresholds.

For more detailed information, you can visit the IRS website.