2024 Child Tax Credit Income Limits and Eligibility Requirements?
Been trying to figure out if I qualify for the child tax credit. I keep seeing different income thresholds online and I'm confused about the cutoff amounts. Anyone know what the actual income limits are to get the full credit vs partial? Also wondering if it phases out completely at a certain amount.
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Ava Garcia
Tax pro here! For 2024, the Child Tax Credit income limits are $200,000 for single filers and $400,000 for married filing jointly. After these thresholds, it reduces by $50 for each $1,000 above the limit. Your child must be under 17, have a SSN, and live with you for more than half the year. The max credit is $2,000 per qualifying child.
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Miguel Silva
•do you know if this is different from last year? my tax guy told me something completely different 🤔
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Ava Garcia
•Nope, these limits have stayed the same since 2022. Your tax guy might be thinking of the temporary expanded credit from 2021 which was way different.
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Zainab Ismail
•what about for self employed peeps? same rules apply?
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Connor O'Neill
Hey guys! I actually found this amazing tool called taxr.ai that breaks down all your credits and deductions. It costs $4.99 but totally worth it - it analyzes your transcript and tells you exactly what credits you qualify for and how much you'll get. Super helpful for figuring out the child tax credit stuff! https://taxr.ai
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QuantumQuester
•interesting... does it actually work? seems to good to be true tbh
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Connor O'Neill
•OMG yes! It literally saved me hours of research and confusion. It looks at your specific situation and gives you personalized info. Like it told me exactly how much CTC I qualified for based on my income and dependents. Best $5 I've spent on tax stuff fr fr 💯
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Yara Nassar
im so confused about weather my 17 year old counts... shes still in high school
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Keisha Williams
•Sorry fam, 17 is too old for CTC. But you might qualify for other credits like the Credit for Other Dependents!
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Paolo Ricci
lol why do they make this stuff so complicated? its like they want us to mess up 🤡
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Amina Toure
I make 210k single and got a partial credit last year. hope this helps!
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Dmitry Ivanov
•thx! that actually helps alot with understanding the phase out 🙏
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Oliver Zimmermann
friendly reminder to keep copies of all your kids documents handy when filing. learned that the hard way last year smh
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TommyKapitz
Just wanted to add that if you're married but filing separately, the income limit drops to $200k (same as single filers). Also, the credit is "refundable" up to $1,500 per child, meaning you can get money back even if you don't owe taxes. The remaining $500 is non-refundable though, so you need to owe at least that much in taxes to get the full benefit.
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StarSurfer
•This is super helpful info about the refundable vs non-refundable portions! I didn't realize there was a difference. So if I only owe $300 in taxes but qualify for the full $2000 credit, I'd get $1500 refunded and only $300 of the remaining $500 applied to my tax bill?
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Ezra Beard
•@TommyKapitz exactly right! So in your example, you'd get the full $1500 refundable portion back as a refund, and the $300 you owe in taxes would be wiped out by $300 of the non-refundable portion. The remaining $200 of the non-refundable portion basically gets "wasted" since you don't owe enough taxes to use it. It's definitely one of those things that trips people up!
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CyberSiren
One thing to watch out for - if you have multiple kids, each qualifying child gets the full $2,000 credit (assuming you're under the income limits). So a family with 3 kids under 17 could potentially get $6,000 total. Also make sure your kids have valid SSNs before the due date of your return - ITINs don't qualify for CTC, only SSNs do. Learned this when helping my sister with her taxes!
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