How to Qualify for the $1,600 Additional Child Tax Credit in 2024

This Monday, April 15, the tax season in the United States ends for the presentation of the returns corresponding to the 2023 fiscal year, but taxpayers will not only be able to catch up with the Internal Revenue Service (IRS), but also They will be able to claim the Child Tax Credit (CTC) and other tax credits that generate economic relief, some are refundable and others are not.

According to the regulatory entity, The CTC in 2023 will be up to $2,000 dollars for each child under 17 years of agetaxpayers who wish to request it must meet an annual income limit of less than $200,000 for individuals and less than $400,000 for married couples filing jointly.

Now, for those taxpayers with really low annual adjusted gross income (AGI), an Additional Child Tax Credit (ACTC) has been implemented by the IRS, especially for low-income families, who may request an extra refund of up to $1,600 dollars of the $2,000 dollars now available for the Child Tax Credit.

As it is aimed at taxpayers who did not achieve the minimum income to opt for the CTC, the entity established that to receive the ACTC applicants must have at least $2,500 in minimum income, The IRS will evaluate entries such as: Social Security, unemployment benefits, disability payments, support, among others.

The requirements to apply for the ACTC:

In addition, applicants must meet a list of essential requirements to apply for the ACTC this year:

• Be under 17 years of age at the end of the fiscal year.
• Comply with the tests of relationship and residence.
• Not provide more than half of your own support during the tax year.
• Having lived with the applicant taxpayer for more than half of the tax year.
• Be claimed as a dependent on your return.
• Have a Social Security Number.

For more information you can consult the official IRS website and file Form 8812 on your tax return if you are eligible for ACTC.

Keep reading:

• Child Tax Credit: these are the people who can request it
• Tax credit of up to $8,000: where and how to claim it
• Key IRS Recommendations for Filing Taxes in 2024