TAX SEASON 2024
Child Tax Credit $3000 payment: 2024 schedule, who qualifies and how to apply
Due to IRS rules on previous tax seasons, filers have three years to complete old forms while still being able to receive the funds.
The Child Tax Credit (CTC) is a financial benefit offered by the US government to help families with the cost of raising children. During the covid-19 pandemic, as part of the American Rescue Plan, the credit was made refundable, and the value was increased from $2,000 per child to $3,600 for children under 6 years old and $3,000 for those between 6 and 17.
This expanded credit can still be claimed if you have not done so already. That is because the IRS allows filers to do their old taxes up to three years after the end of the filing season. Filers will have until next year to file their old Child Tax Credit information.
This also means 2020 tax returns have their final chance to be filed this year after the original 17 May, 2021, tax deadline.
Who qualifies for the Child Tax Credit?
While it’s not distributed in advance monthly payments as it was in 2021, you can still claim it when you file your tax return. Here’s a breakdown of who qualifies and how to claim it:
- The child must be under age 18 at the end of the tax year,
- You must be the child’s biological or adoptive parent, stepparent, foster parent, or a relative who provides over half their financial support. This can include siblings, grandchildren, nieces, or nephews,
- You must claim the child as a dependent on your tax return,
- There are income limits to claim the full amount of the credit:
- The phase-out starts at $200,000 for married couples filing jointly and $100,000 for all other taxpayers.
Filing for the Child Tax Credit
To claim the credit, you won’t need a separate application. When you file your tax return, include your qualifying children on Form 1040 and attach a completed Schedule 8812.