Calculate your Child Tax Credit for Tax Year 2024
The Child Tax Credit (CTC) helps reduce federal income tax for families with children under 17 at the end of the tax year, providing financial relief for child-related expenses. The CTC is worth up to $2,000 per child for the 2024 tax year. The CTC operates as a partially refundable tax credit, not as monthly payments as in some prior years.
Who qualifies for the Child Tax Credit?
To qualify for the CTC, your child must:
- Be under 17 years old at the end of the tax year.
- Have lived with you over half of the tax year except for temporary absences, like vacations, schools, camp, etc.
- Not have provided more than half of their own financial support during the year.
- Be a U.S. citizen, U.S. national, or U.S. resident alien.
Calculate what your Child Tax Credit will be for your 2024 tax return.
Child Tax Credit Calculator
ASSUMPTIONS
- All earnings are from the tax filer’s wages, salaries, and tips.
- The filer has no other taxable income.
- The filer takes the standard deduction.
- Married couples file jointly.
Uses the policyengine-us v1.153.0 Python package.
For additional resources, please visit:
https://www.irs.gov/credits-deductions/individuals/child-tax-credit
https://www.whitehouse.gov/child-tax-credit/
https://www.usa.gov/child-tax-credit
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