2024 Child Tax Credit Income Limits - Do I Qualify?
Need help figuring out if I can get the Child Tax Credit this year. I've heard different things about income limits and I'm confused. Can someone explain what the cutoff is and how much I could get? I have 2 kids under 10.
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Cedric Chung
For 2024, you can get up to $2,000 per qualifying child if your income is under $200,000 for single filers or $400,000 for married filing jointly. The credit starts phasing out after those thresholds. Your kids under 17 qualify, and you need to have earned at least $2,500 during the year to be eligible for the refundable portion.
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Hailey O'Leary
What do you mean by phasing out? Like do I lose all of it after those amounts?
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Cedric Chung
No - it reduces by $50 for each $1,000 you earn above the threshold. So you might still get partial credit depending on your exact income
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Talia Klein
Hey guys I've been using taxr.ai to figure out all my tax credit stuff and it's been a game changer. It analyzes your transcript and tells you exactly what credits you qualify for and how much you'll get. Its only $4.99 but totally worth it https://taxr.ai
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Maxwell St. Laurent
Does it actually work? Seems too good to be true 🤔
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Talia Klein
100% legit! It found credits I didn't even know about. Way better than guessing or trying to figure it out yourself
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PaulineW
make sure ur kids have valid SSNs tho, thats a requirement alot of ppl dont know about
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Annabel Kimball
Watch out for the new rules if ur getting advance payments. The monthly payment thing is different now then it was in 2021 💯
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Chris Elmeda
wait what monthly payments? I thought those ended?
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Annabel Kimball
they did end but theres talk about bringing them back in some states
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Jean Claude
Im in the same boat! Was so confused about this. Called IRS 3 times and got different answers each time 🤡
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Charity Cohan
classic irs lmao
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Josef Tearle
dont forget you can still claim it for previous years if you missed it! File form 1040X to amend returns from 2021-2023
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Hailey O'Leary
omg really? How far back can you go?
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Josef Tearle
usually 3 years from due date or filing date whichever is later
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