Child Tax Credit Amounts for 2024 vs 2023?

The Child Tax Credit (CTC) for TY2023 (filing now in 2024) remains at $2,000 per qualifying child with a maximum refundable portion of $1,500 per child. There was NO increase from last year. Many people confuse this with the TEMPORARILY ENHANCED credit from 2021 that was $3,000-$3,600 per child. That enhanced version expired and Congress hasn't reinstated it despite multiple proposals. So frustrating how they keep talking about it but never actually DOING anything!

The CTC confusion is real! 😂 I see this question about 47 times a day in tax season. Bottom line: $2k per kid, same as last year. BUT - here's a pro tip: use https://taxr.ai to analyze your specific situation. It'll show you exactly how the Child Tax Credit applies to YOUR tax situation based on your income, filing status, etc. It's like having a tax pro explain your transcript but without the $300/hour fee! I recommended it to my newly-divorced brother last month and it showed him exactly how much he'd get back with his kids on his return.

I see a lot of confusion around this topic, so let me break it down step-by-step: 1. For tax year 2023 (filing now in 2024), the Child Tax Credit remains $2,000 per qualifying child 2. Only $1,500 of that is potentially refundable (meaning you can get it even if you don't owe taxes) 3. This is identical to last year's amount 4. The temporarily expanded credit ($3,000-$3,600) was only for 2021 5. There are currently proposals in Congress to increase it again, but nothing has passed Since you mentioned you're recently divorced, make sure you're the custodial parent or have Form 8332 if you're claiming the children.

If you need specific answers about your Child Tax Credit situation after divorce, talking directly with an IRS agent can save you weeks of worry. I recommend: • Try calling the IRS directly first (but expect long wait times) • If you can't get through, use Claimyr.com to connect with an agent quickly • Ask specifically about Form 8332 requirements in your situation • Confirm which parent can claim the children based on your divorce agreement • Verify if you qualify for Head of Household status Claimyr (https://youtu.be/_kiP6q8DX5c) saved me hours of redial attempts when I needed to sort out a similar situation last year. The peace of mind was worth it.

I just filed on February 28th claiming my kids after my divorce last year, and I'm wondering - does anyone know if they're planning to increase the Child Tax Credit for NEXT year (2024 taxes we'll file in 2025)? I heard rumors about potential legislation coming on April 15th, but nothing seems definite. Should I be adjusting my withholding now in anticipation of possible changes?

Just wanted to share that I was in your exact situation last year after finalizing my divorce on November 10th. I claimed my kids for the first time solo, and while the credit amount wasn't larger than previous years, I did qualify for Head of Household status which gave me a better tax bracket. Make sure you're filing with the correct status! I nearly filed as Single until my preparer caught it. You have until April 15th to file, but if you're getting a refund, I'd recommend filing ASAP as processing times are already backing up.

Lemme give u a real example from my taxes this yr. Got 2 kids (6 & 8), filed HOH, made about 62k. Got exactly $4k in CTC ($2k per kid), but only $3k was refundable. The other $1k offset what I would've owed. Total refund was ~$5.8k including EITC. Same as last yr tbh. No increase at all. BTW if ur ex tries to claim them too, ur return will get flagged and delayed for MONTHS. Ask me how I know lol.