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July 31, 2024
Question

Child tax credit

  • July 31, 2024
  • 2 replies
  • 0 views

Hello I filed my taxes this year. I also put my child on my taxes. What I want to know is did I already Recvd the child tax credit? Or is this something new that the it’s will put in my account or mail a check?

2 replies

DoninGA
Employee
July 31, 2024

When you filed your 2023 tax return and were eligible for the child tax credit, the credit will be included in your federal tax refund or it will reduce the amount of federal taxes owed.

The child tax credit is not a separate refund.

Andrew_W
July 31, 2024

The Child Tax Credit is calculated as part of your tax return, it is not paid separately to you. If you claimed a dependent on your return, assuming you qualified to claim them and the credit, it was included as part of your tax return/refund. This article is a good resource for the requirements to claim the Child Tax Credit: 2023 and 2024 Child Tax Credit: Top 7 Requirements 

Based on how you fill out your W-4 withholding statement, you can get the credit "early" by withholding less taxes in each paycheck (assuming your employment is a W-2 job). Some may choose to do this, but it will result in a lower refund or possibly in a balance due when your tax return is prepared.

This W-4 calculator is a good resource if you want to change withholdings and or to see how your refund may be affected: W-4 Calculator 2024 

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