American taxpayers who have children can receive financial assistance through the child tax credit (CTC). Families with eligible children are expected to be able to apply for the IRS Child Tax Credit this year.
The new Bidens budgets increase the amount that families with children under the age of eighteen can receive from $2,000 to $3,600 for each child under the age of six, and from $3,000 to $6,000 for each child aged six and older.
Who is eligible for the child tax credit?
- You meet the eligibility requirements if your modified adjusted gross income (MAGI) is $200,000 or less, or $400,000 if you’re filing jointly.
- On December 31, 2023, the child for whom you are requesting credit was younger than 17 years old.
- Their Social Security number is up to date.
They may be your sibling, stepchild, foster child, legally recognized child, half-brother, half-sister, or a decedent of one of these. - In the applicable tax year, they have contributed no more than 50% of their own funds.
- They have spent more than half the year residing with you.
- On your tax return, you are listing them as a dependant.
- You are a resident alien or a citizen of the US.
How to File for the USA Child Tax Credit?
- For tax filing purposes, utilize IRS Form 1040. The “Credits” portion of these forms is where the Child Tax Credit claim is made.
- You might need to complete Schedule 8812 and attach it to your Form 1040 if you’re claiming the refundable portion of the Child Tax Credit, or the Additional Child Tax Credit (ACTC).
- Fill out Form 1040 with the necessary information for each eligible child.
- If you want quicker processing and refunds, think about e-filing your tax return using software that has been approved by the IRS.
- If you would rather file your return on paper, mail it to the IRS at the location provided on the IRS website for your particular state.