Key Takeaways on Child Tax Credit 2024

Understanding the Child Tax Credit for 2024 involves knowing eligibility rules and how much might be claimed. The credit amounts and who qualifies saw changes in previous years, influencing how things work now. Filing accurately requires specific forms, ensuring dependents meet criteria. Getting the details right for taxes matters quite a bit for people claiming this credit.

• Child Tax Credit specifics for 2024 are central.
• Rules around qualifying children are key.
• Income and age play significant roles in the amount.
• Form requirements, like Schedule 8812, are necessary.
• Accuracy when filing prevents issues later on.

Child Tax Credit in 2024: What’s Different This Year?

Taxes, they arrive every year, don’t they. For families, one big part often sits with the Child Tax Credit. What people need knowing for 2024 filings, covering the 2023 tax year activities, holds specific points. The way credit worked during a few recent years shifted, remember that part? Well, back to the method before those shifts pretty much, that’s where things land now. The details for the Child Tax Credit 2024 outline this return to earlier structures. Not everyone sees the exact same credit amount, income levels definately change what’s possible for a household. Age of the child matters here also. Under 17 means one set of rules, older than that, well, different story entirely. The maximum credit amount sits at $2,000 per qualifying child. A portion of this, up to $1,600, might be refundable. Refundable means you could get some back even if you owe no tax, which for some, feels like finding a twenty in an old coat pocket. The difference between the full credit and the refundable part, that’s important for lower income families to grasp. Filing status, that little box you check at top of the return, also plays a role in figuring out eligibility thresholds. Single people, married filing jointly, heads of household, each got its own line drawn for income limits. Seems simple but mess that part up and the whole calculation goes wonky. Remembering these base figures for 2024 sets the table for everything else involved with this credit.

Many wonder about the advance payments, did those happen this time? No, not for this tax year being filed in 2024. That was a temporary thing from recent legislation. Claiming this credit happens solely when you file your annual tax return. Waiting till tax time to get the benefit requires patience, yes, but ensures calculation on full year income picture. People should prepare documents early, the social security numbers for children are paramount. No number, no credit often. Also need to check if child lived with taxpayer for more than half the year, generally. There are exceptions, yes, but that’s the standard requirement one should keep in mind. If shared custody is involved, rules get a bit twisty, requiring agreement or specific tests met. Getting information straight from the source helps dodge potential errors. The structure of taxes can feel like navigateing a maze, but focusing on core elements like qualifying child and income limits simplifies the initial view. Each family situation is unique, true, but the core rules apply across the board before diving into specific edge cases. Making sure you understand the basics is the first step to successfully claim what you’re allowed for 2024.

Eligibility Rules for the Child Tax Credit in 2024

Knowing if a child makes you eligible for money back or less tax owed sits at center of the Child Tax Credit. For 2024 taxes, meaning filing this year for last year’s income, the child must meet several tests. These tests aren’t suggestions, they are hard requirements set by the tax folks. First off, age. Child must be under age 17 at end of the tax year. So, if they turned 17 on December 31st, 2023, sorry, they don’t count as under 17 for this specific credit for that year. Location matters too. Child must be a U.S. citizen, U.S. national, or U.S. resident alien. Can’t claim a child living abroad unless they meet specific complex residency rules, which most kids don’t. The main home of child must be with taxpayer for more than half the year. This ties back to where they physically resided. School time away, vacations, those generally don’t count against this rule as long as the main home was yours. Support test is another point. Child cannot have provided over half of their own support during the year. If your kid was a child star funding their own lavish lifestyle, you might not claim them. Relationship test also exists; must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of these (like a grandchild). An adopted child is always treated as your own child. Checking these eligibility points is critical before even thinking about calculating an amount.

One common question arises about who can claim the child if parents are seperated or divorced. There are tie-breaker rules for this exact scenario. Generally, the parent with whom the child lived for the longer period during the year claims the child. If the time is equal, other rules apply. Sometimes, the custodial parent agrees to let the noncustodial parent claim the child; this requires a specific written declaration form, Form 8332. Without that form, the noncustodial parent cannot claim the credit, even if ordered by a court. It feels strict, and it is. Understanding these criteria ensures accuracy. Failing to meet any of these tests means the child doesn’t qualify for the Child Tax Credit, even if they might qualify as a dependent for other tax benefits. Qualification for this credit specifically has tighter restrictions than just being a dependent. For instance, an adult child might be a dependent but not a qualifying child for the Child Tax Credit because of the age limit. Each child claimed needs to pass these tests individually. Getting this wrong can lead to tax return processing delays or audits, something nobody wants. Double-check the child’s age as of December 31, 2023, their residency, and how long they lived with you. These are the most frequent points of error for taxpayers.

Calculating Your Child Tax Credit Amount for 2024

The math involved with the Child Tax Credit for 2024 isn’t terribly complex for most, but requires careful attention to income figures. For each child meeting the qualifying rules, you start with a potential credit of up to $2,000. That’s the maximum per kid. This amount begins to phase out once your modified adjusted gross income (MAGI) goes above certain thresholds. For those married filing jointly, the phaseout starts at $400,000 MAGI. For all other filing statuses (single, head of household, married filing separately, qualifying widow(er)), the threshold is $200,000 MAGI. This feels like high numbers for many people, meaning lots of families get the full amount. The credit reduces by $50 for each $1,000 (or fraction thereof) your MAGI exceeds the threshold. For example, if your MAGI is $201,000 as a single filer, the credit starts reducing. $1,000 over means $50 off the total credit. $2,000 over means $100 off, and so on. This calculation needs to be done based on the total credit you’d get for all qualifying children combined. The mechanics of this phaseout are outlined to help figure exact numbers.

Part of the credit can be refundable, this is the Additional Child Tax Credit. For 2024, up to $1,600 per child can be refundable. This is different from the total $2,000 credit. If your tax liability is less than the full $2,000 credit per child, you might be able to receive some back as a refund. The refundable portion is calculated based on your earned income. You can claim the refundable portion using Form 8812, Schedule 8812. This Schedule 8812 is specifically for the Additional Child Tax Credit. There’s a formula involving your earned income minus a base amount ($2,500 for 2023, used for 2024 filings) multiplied by 15%. This is simplified, but gives the general idea of how the refundable part is figured. For very low-income families with multiple children, this refundable portion can provide a significant boost. Understanding the difference between the nonrefundable credit and the refundable portion is key to maximizing the benefit. You need to use the correct worksheets or tax software does this calculation for you, thankfully. But seeing how the MAGI affects the total credit and how earned income affects the refundable piece helps understand the final number you arrive at. Each family situation yield a different result based on these factors. Getting it right ensures maximum refund or minimum tax owed. Dont guess at these numbers, use the official forms or reliable software.

Qualifying Child Versus Other Dependents for CTC 2024

Distinguishing who counts for the Child Tax Credit versus who is simply a dependent on your tax return can cause confusion. Not every dependent makes you eligible for the Child Tax Credit. The rules for the Child Tax Credit are more specific, more narrow, than the general tests for claiming someone as a dependent for other tax benefits, like the credit for other dependents. A qualifying child for the Child Tax Credit 2024 must meet all the tests we discussed: age, relationship, support, residence, and citizenship. The age test is the big differentiator here for many. Under 17 at the end of the tax year is non-negotiable for this specific credit. An individual who is 17 or older might still be your dependent if they meet different, broader tests – for example, a college student you support. But even if you provide over half their support, they live with you, and are under a certain age limit (like under 24 if a student, or any age if disabled), they cannot be claimed for the *Child* Tax Credit if they are 17 or older. They might qualify you for the Credit for Other Dependents, which for 2024 is up to $500, nonrefundable. Different credit, different amount, different rules. It’s easy to mix these two up and claim the wrong one, or miss out on the one you should get. Taxpayers need to be clear on which dependent qualifies for which benefit.

Take an adult child claimed as a dependent. If they are 19 and not a student, they could be your dependent if they meet the tests (gross income limit, support, etc.). If they are 22 and a full-time student, same thing, they could be your dependent. However, neither of these adult children qualifies you for the Child Tax Credit because they are 17 or older. The rules are quite specific about the age cutoff. This distinction is vital for accurate tax filing. You might have three dependents on your return – a 10-year-old, an 18-year-old in college, and your elderly parent. Only the 10-year-old qualifies you for the Child Tax Credit. The 18-year-old and parent might qualify you for the Credit for Other Dependents. Listing all three as qualifying children for the CTC would be incorrect and lead to problems. The systems tax authorities use check these basic criteria. Filing electronically through software usually guides you through these questions, helping identify which dependents fit which category. But understanding the underlying difference between a general dependent and a qualifying child for *this* credit empowers you to ensure the software got it right, or to file correctly on paper. Each dependent claimed must satisfy their specific set of rules for the particular credit being sought. Don’t just assume because you support someone, they count for the Child Tax Credit.

Using Schedule 8812 for the Additional Child Tax Credit

Claiming the full benefit of the Child Tax Credit sometimes requires an extra step beyond just the main tax form (like Form 1040). If you are eligible for the refundable portion of the credit – the Additional Child Tax Credit – you must file Schedule 8812 (Form 1040). This schedule is titled “Credits for Qualifying Children and Other Dependents.” Even though the title mentions other dependents, its primary use for the Child Tax Credit purposes is to figure out the refundable amount for *qualifying children*. You fill out parts of this schedule using figures from your Form 1040, like your Adjusted Gross Income (AGI) and the number of qualifying children you’re claiming. This schedule walks you through calculations based on your earned income. Remember how the refundable part depends on earned income? This form does that specific math. It compares your potential refundable credit to your tax liability and determines how much of the $1,600 per child maximum refundable amount you qualify for. Not everyone needs to file this schedule. If your tax liability is higher than the nonrefundable amount of the Child Tax Credit ($2,000 per child), you might use the full credit to reduce your tax down to zero and not have a refundable amount remaining. Or, if your income is very low and your earned income doesn’t meet the threshold, the refundable credit calculation on Schedule 8812 might result in a smaller amount. This form is crucial for those looking to get money back.

Completing Schedule 8812 accurately is just as important as getting the dependent information correct on the main form. Errors on this schedule can delay your refund. The form itself looks like typical tax paperwork, lines asking for specific numbers from other forms. It requires you to show your earned income, which is generally wages, salaries, tips, and other taxable compensation. It also includes net earnings from self-employment. Unearned income, like interest or dividends, does not count for the earned income test on this schedule. This is another point where accuracy is necessary; mixing up earned and unearned income will lead to an incorrect refundable credit calculation. Tax software handles the flow of information to Schedule 8812 automatically if you input everything correctly. If you file manually, you must follow the instructions line by line. The calculation often involves multiplying your earned income over a certain threshold ($2,500) by 15%. The result, up to $1,600 per child, is your potential refundable credit. This Schedule is the mechanism tax authorities use to verify eligibility for that cash back portion. Without it, you only get the nonrefundable credit against your tax liability, missing out on potentially hundreds or thousands of dollars in refund. Always check if your situation warrants filing Schedule 8812 when claiming the Child Tax Credit.

Avoiding Common Mistakes When Claiming Child Tax Credit

Making errors on tax returns happens, sure, but some mistakes are seen over and over with the Child Tax Credit. Knowing these pitfalls helps you steer clear. One really common one is claiming a child who doesn’t meet the age test for 2024, meaning they were 17 or older on December 31, 2023. People often think “dependent equals Child Tax Credit,” but as we covered, that’s not the case. The age cutoff is firm for this specific credit. Another frequent error involves the residency test. The child must have lived with you for more than half the year. If a child lived with you for five months and someone else for seven, the other person generally claims the child for the Child Tax Credit, assuming all other tests are met. Joint custody situations are particularly prone to errors here; often, only one parent can claim the child for the CTC in a given year, based on who had the child living with them longer, or through agreement with Form 8332. Incorrectly claiming a child in shared custody is a red flag for the tax office. Checking residency rules carefully is highly advised.

Providing incorrect or missing Social Security Numbers for the children is another big issue. The SSN must be valid for employment and issued before the due date of the return (including extensions). A child with an ITIN (Individual Taxpayer Identification Number) or ATIN (Adoption Taxpayer Identification Number) does not qualify you for the Child Tax Credit, only the Credit for Other Dependents. Only a valid SSN works for the CTC. This is not a detail you can overlook. Miscalculating income is also a path to errors. The phaseout is based on modified adjusted gross income, not just gross income or standard AGI. Make sure you use the correct income figure for the calculation. Forgetting to file Schedule 8812 when you are due a refundable amount means leaving money on the table. It’s a necessary form for getting that part of the credit. While less common for this specific credit, claiming a child who isn’t related in a qualifying way (e.g., just a friend’s child living with you) is also an error. All these mistakes can lead to delayed refunds, notices from the IRS, or even audits. Accuracy is paramount. Double-checking every detail, from names and SSNs to residency and income figures, pays off in the end. For instance, inaccuracies, intentional or otherwise, on tax forms could potentially relate to processes like those for reporting tax fraud, though simply making an error is not fraud. Accuracy is the best policy always when dealing with your taxes.

Expert Notes on Navigating the 2024 Child Tax Credit

From the perspective of someone dealing with taxes day in, day out, the Child Tax Credit for 2024 filing poses few new complexities compared to pre-2021 years, yet existing rules still trip people. The main piece of advice I give clients is to verify, verify, verify. Don’t assume last year’s situation is identical to this year’s. Did a child turn 17? Did living arrangements change? Did income fluctuate significantly? Each of these shift the landscape for the credit. Specifically, the age test, being under 17 as of December 31st of the tax year, is the most absolute hurdle. There are no exceptions to this for the Child Tax Credit. Also, understanding the income phaseouts is important, though for many, MAGI won’t hit the threshold. But if you’re close or exceed it, you need to factor that reduction correctly. Using reliable tax software removes much of the calculation burden, yes, but you have to input the source data accurately. Software cant guess if your child lived with you for enough days. Knowing the core rules yourself acts as a safeguard.

Another insight involves Schedule 8812. Many are due a refundable portion but don’t realize it requires this separate schedule. It’s not automatic. Your earned income dictates this part. For example, a family might have $15,000 in earned income and two qualifying children. They might get a partial refundable credit based on that income level, even if their tax liability is zero. Filing Schedule 8812 is the mechanism to claim that specific benefit. It seems simple, but it’s a missed step for many. Also, keeping good records throughout the year is crucial. Documentation showing residency, like school records or medical provider statements, can be helpful if questioned. While the vast majority of claims go through without a hitch, having backup for eligibility, particularly in split-custody situations or if a child’s living situation was unusual, is wise. Dont wait till tax time to gather SSNs or figure out residency days. Do it proactively. The tax system relies on honesty and accuracy; providing incorrect information, even accidentally, creates complications. While intentionally misleading information constitutes fraud, addressed by processes like those described for reporting tax fraud using Form 3949-A, simple errors stemming from misunderstanding rules are more common. And they still cause headaches. A little time spent understanding the requirements for Schedule 8812 and the basic CTC tests save much frustration later. It’s tax rules, not rocket science, but it needs attention to detail.

Data Points and Income Thresholds for CTC 2024

Looking at specific numbers can make the Child Tax Credit more concrete for 2024 filings. The headline figure people focus on is the maximum credit amount: $2,000 per qualifying child. Remember, this is for children under age 17. Of that $2,000, up to $1,600 per child can be refundable. This refundable portion is often called the Additional Child Tax Credit. These numbers apply for the 2023 tax year, filed in 2024. The income levels that affect the total credit amount are quite high. The phaseout starts at a modified adjusted gross income (MAGI) of $400,000 for those married filing jointly. For all other filers, the MAGI phaseout threshold is $200,000. The credit is reduced by $50 for each $1,000 (or fraction thereof) your MAGI exceeds these thresholds. What does this mean in practice? A family married filing jointly with $410,000 MAGI will see their total Child Tax Credit reduced by $500 ($10,000 / $1,000 * $50). This reduction applies to the total credit across all their qualifying children. These thresholds are key figures to consider when estimating your credit.

The refundable part, using Schedule 8812, has its own calculation tied to earned income. The formula involves taking 15% of your earned income that exceeds $2,500. For instance, if you have $15,000 in earned income, the calculation for the refundable part would be 15% of ($15,000 – $2,500), which is 15% of $12,500, equaling $1,875. However, the refundable amount per child is capped at $1,600 for 2024 filings. So, even if the 15% calculation yields more, you can only claim up to the $1,600 limit per child. If you have two qualifying children, the maximum refundable credit from this calculation could be $3,200 (2 * $1,600), subject to the earned income limit and the overall limit based on the 15% calculation across all children. There is also an overall limit on the nonrefundable Child Tax Credit based on your tax liability. You can only use the nonrefundable portion to bring your tax down to $0. Any credit beyond that becomes potentially refundable, calculated via Schedule 8812. These specific dollar amounts and percentages form the backbone of figuring the credit. Having these figures handy helps in using tax software or manual calculations. Understanding the $2,000/$1,600 split and the income phaseouts for MAGI gives a clearer picture of the potential benefit.

Claiming the Child Tax Credit Step-by-Step (Overview)

Walking through the process of claiming the Child Tax Credit for 2024 involves a few key steps. It isn’t overly complicated if you have the right information ready. First step involves confirming each child you plan to claim meets the qualifying child tests. Age (under 17), relationship, residency (lived with you over half the year), support (didn’t provide over half their own), and citizenship are the checks needed. Do this for every child you’re considering for the credit. Each one must pass. Second, gather necessary documentation. You absolutely need the correct Social Security Number for each qualifying child. No ITINs or ATINs here for the CTC. Having records that support residency, especially if there are questions or shared custody, is also a good idea. Third, determine your modified adjusted gross income (MAGI). This figure is usually calculated on your main tax form, like Form 1040. Your software or tax preparer will figure this out. This MAGI is used to see if your total Child Tax Credit amount needs to be reduced due to high income. Following these steps sequentially simplifies the process significantly.

Fourth step is actually claiming the credit on your tax return. On Form 1040, there’s a line specifically for the Child Tax Credit and Credit for Other Dependents. You’ll report the number of qualifying children with SSNs. Based on your income and the number of children, the tax form or software will calculate the nonrefundable portion of the credit, which reduces your tax liability dollar for dollar. Fifth, determine if you’re eligible for the refundable portion, the Additional Child Tax Credit. This depends on your earned income. If you have earned income above $2,500, you likely qualify for some refundable credit, up to $1,600 per child. To claim this, you must file Schedule 8812 (Form 1040). This schedule calculates the exact amount of your refundable credit based on the 15% of earned income rule. The amount from Schedule 8812 is then entered back onto your Form 1040, contributing to your total refund or further reducing tax owed. The final step is filing your return electronically or by mail before the deadline. Using tax software or a professional helps ensure all calculations are correct and the necessary forms, including Schedule 8812, are included. Missing a step, like forgetting Schedule 8812 when needed, is a common mistake that leaves money unlaimed. Each step plays a vital role in securing the correct amount for taxes.

The Additional Child Tax Credit and Earned Income

Understanding the Additional Child Tax Credit (ACTC) is crucial for many lower- and moderate-income families, as this is the part that can provide a refund even if they owe no taxes. For 2024 filings (covering 2023), up to $1,600 per qualifying child is potentially refundable. This amount is distinct from the total $2,000 maximum credit. The key factor in determining how much of this refundable portion you can receive is your earned income. Earned income includes wages, salaries, tips, and other taxable compensation from working for someone. It also includes net earnings from self-employment. Income sources like interest, dividends, Social Security benefits, or unemployment compensation are generally not considered earned income for the ACTC calculation. This distinction is important; having significant unearned income but little earned income can limit your refundable credit. The details around earned income for the ACTC are specific and must be followed closely.

The calculation for the refundable portion uses a formula primarily based on this earned income. You take your earned income and subtract a base amount, which was $2,500 for the 2023 tax year. Then, you multiply the result by 15%. The result of this calculation is your potential Additional Child Tax Credit amount. However, this amount cannot exceed the maximum refundable credit limit per child ($1,600 for 2024 filing) multiplied by the number of qualifying children. For example, if you have one qualifying child and $20,000 in earned income: ($20,000 – $2,500) * 0.15 = $17,500 * 0.15 = $2,625. Since this amount ($2,625) is more than the $1,600 limit per child, your refundable credit is capped at $1,600. If you had two qualifying children and the same $20,000 earned income, the calculation is still $2,625. The maximum refundable credit for two children is 2 * $1,600 = $3,200. Since $2,625 is less than $3,200, you could potentially receive $2,625 as a refundable credit, assuming you qualify for the full credit amount and have no tax liability left after the nonrefundable part. This complex calculation is done on Schedule 8812. Accurately reporting earned income on your tax return is therefore vital for correctly calculating the Additional Child Tax Credit. Many who qualify miss out by not completing the necessary schedule or misunderstanding the earned income requirement.

Future Outlook and Broader Tax Considerations

Looking beyond just the 2024 Child Tax Credit, the landscape of tax laws is always subject to change. Discussions around expanding the credit, similar to the temporary changes seen a few years ago, pop up in political discourse. Whether these changes happen for future tax years remains to be seen. For now, families must file based on the current rules for 2024, which largely revert to the pre-2021 structure. Staying informed about potential legislative changes is wise for future planning, but for filing right now, focus remains on the rules currently in effect. The Child Tax Credit sits within a broader framework of taxes. It interacts with other credits and deductions you might claim. Understanding how your overall tax picture affects your eligibility and the amount of the credit is useful. For instance, your AGI, which influences your MAGI for the credit phaseout, is affected by various deductions and income sources. Every part of the tax return is interconnected, in a way that feels very organized by the government. Sometimes people have questions about tax fairness or concerns about others not following the rules. The system has processes in place for such matters, including how to report suspected issues. While not directly related to claiming the Child Tax Credit, knowing how to report tax fraud using Form 3949-A exists as a mechanism within the overall tax structure for people to use if they feel they have credible information about someone evading taxes. It’s a different area of tax law, but it speaks to the system’s attempt at ensuring compliance, albeit on a much larger scale than individual credit claims.

The complexity of tax law necessitates attention to detail across all areas, not just credits. Rules for claiming adult children as dependents, for example, involve entirely different sets of tests than the Child Tax Credit, even though the term “dependent” is used in both contexts. Similarly, specific forms like Schedule 8812 are required for claiming certain benefits. Each element of a tax return has its own rules and forms. The Child Tax Credit, while a significant benefit for many, is just one piece of a larger, intricate system. Keeping accurate records for all income, expenses, and dependents is fundamental for filing any tax return correctly, including claiming credits. While potential changes to the Child Tax Credit are worth monitoring for the future, the immediate task is navigating the current rules accurately for 2024 filings. Relying on official IRS resources, reputable tax software, or qualified tax professionals are the best approaches to ensure accuracy and claim all credits you are entitled to, while also fulfilling your tax obligations correctly. The tax world moves and shifts, staying grounded in current law is the way to go for right now.

Frequently Asked Questions About Taxes and the Child Tax Credit 2024

People often have specific questions when it comes to taxes and claiming the Child Tax Credit.

What is the maximum amount for the Child Tax Credit in 2024?

For 2024 tax filings, covering the 2023 tax year, the maximum Child Tax Credit is $2,000 per qualifying child. A portion of this, up to $1,600 per child, may be refundable as the Additional Child Tax Credit. The full credit is nonrefundable against your tax liability.

Who qualifies as a qualifying child for the 2024 Child Tax Credit?

A qualifying child for the 2024 credit must meet several tests: age (under 17 as of Dec 31, 2023), relationship (son, daughter, stepchild, etc.), support (did not provide over half their own support), residency (lived with you over half the year), and citizenship (U.S. citizen, national, or resident alien). They also must have a valid Social Security Number.

Do I need to file a special form for the Child Tax Credit 2024?

You claim the Child Tax Credit on your main tax form, like Form 1040. However, if you are eligible for the refundable portion (the Additional Child Tax Credit), you must also file Schedule 8812 (Form 1040) to calculate and claim that amount. Schedule 8812 is necessary for the refundable part.

Can I claim the Child Tax Credit if I have very low income and don’t owe taxes?

Yes, you may be able to receive the refundable portion, the Additional Child Tax Credit, even if you owe no tax. For 2024 filings, up to $1,600 per child can be refundable, based on your earned income calculation using Schedule 8812. You need earned income above a certain threshold ($2,500 for 2023) to qualify for the refundable credit.

What happens if my child turned 17 in 2023?

If your child turned 17 at any point during 2023, they do not meet the age test for the Child Tax Credit for your 2024 tax filing. The rule requires the child to be under age 17 on December 31, 2023. They might qualify as a dependent for the nonrefundable Credit for Other Dependents ($500), assuming they meet those specific requirements.

Does income affect the Child Tax Credit amount?

Yes, your modified adjusted gross income (MAGI) can reduce the total amount of the Child Tax Credit. For married filing jointly, the phaseout starts at $400,000 MAGI. For other filing statuses, it starts at $200,000 MAGI. The credit is reduced by $50 for every $1,000 your MAGI is above these amounts. Your earned income affects the refundable portion of the credit.

Is an ITIN acceptable for claiming the Child Tax Credit?

No. For the Child Tax Credit, the qualifying child must have a valid Social Security Number issued before the due date of the return. Children with ITINs or ATINs may qualify you for the Credit for Other Dependents, but not the Child Tax Credit.

Where can I find more information about the Child Tax Credit for 2024?

Reliable information can be found from official sources like the IRS or reputable tax professional websites. Specifics on the Child Tax Credit 2024 rules are available to help guide you through eligibility and calculation.