Question

Child credit

Forum|Forum|1 year ago
July 31, 2024
1 reply
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How much is the child tax credit for this years tax return that I’ll file when I get my W-2. My child will be 1 in December

Ask the Experts - Dependents - July 2024

RyanH5

Hi Justice24,
Thank you for joining us today.
As of todays date, 7/31/24, there has been no change to the Child Tax Credit for 2024 (for tax returns filed in 2025). The maximum credit will be $2,000 per child, of which, up to $1,600 can be refundable. Generally speaking, a taxpayer must have at least $2,500 in earned income to qualify for the refundable portion.

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J

Justice24Author

I believe I received 1,600 last year so basically as of now it would stay the same? In what situation would I get the full 2,000 back?

O

Opus 17

Employee

@Justice24 wrote:

I believe I received 1,600 last year so basically as of now it would stay the same? In what situation would I get the full 2,000 back?

Your income needs to be high enough that you owe income tax, even after considering all other taxes, credits, and deductions. If you are only getting the "additional child tax credit" then either your income is low or your other deductions and credits are high so that you don't owe tax.

If you look at last year's form 1040, the child tax credit is on line 19, and the ACTC is on line 28. The basic child tax credit can't be more than your tax liability for the year, which is on line 16 through 24.