Parents and guardians with qualifying children can benefit from the Child Tax Credit. The child tax credit is a tax break for eligible taxpayers to help them with the cost of raising children by reducing their tax liability dollar-for-dollar. Here’s what you need to know to benefit from this credit for the tax year 2024. 

Child Tax Credit for 2024 

This family-friendly tax credit supports parents and guardians with dependents under age 17 and below. For the tax year 2024, the child tax credit is $2,000 per qualifying dependent for joint filers with a modified adjusted gross income (MAGI) not exceeding $400,000 (or $200,000 for other filers). 

Once your MAGI exceeds the threshold, the child tax credit is reduced by $50 for every $1,000 excess income over the set limits until it phases out completely. 

Eligibility Criteria 

Dependents with Social Security number qualify for the child tax credit if they: 

• Are age 16 or below by the end of the tax year.  

• Are your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or descendants of any one of them. 

• Did not financially support themselves for more than six months during the tax year. 

• Lived with you for more than six months. 

• Are properly claimed as your dependent on your tax return. 

• Did not file a joint return with their spouse for the tax year or if they filed it should only be for the purpose of claiming a refund of withheld income tax or estimated tax paid. 

• Have been a U.S. citizen, U.S. national or U.S. resident alien. 

Claiming the 2024 Child Tax Credit 

To claim the child tax credit, you need to input the details of your children and other dependents on Form 1040, U.S. Individual Income Tax Return. You must also accomplish and attach Schedule 8812, Credits for Qualifying Children and Other Dependents. 

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