The Additional Child Tax Credit is a refundable tax credit that American taxpayers may qualify for. For tax year 2024, up to $1,700 of the Child Tax Credit will be refundable for every eligible child. To claim the refund for child tax credit, filers need to complete the IRS Schedule 8812.
IRS Refund for Child Tax Credit
If an individual owes less than $2,000 in taxes then they don’t get any unused portion of the credit back also known as a refund. The Additional Child Tax Credit allows individuals to get a maximum of $1,700 from the $2,000 CTC for each child as a refund for tax year 2024.
The exact refund amount will depend on various factors like individual residency, income, filing status, and the total number of qualifying children. The filing process for an IRS refund for the child tax credit is expected to begin in January 2025.
To get the benefit amount individuals need to submit the annual tax return form 1040 with schedule 8812 (Credits for Qualifying Children and Other Dependents) before the return filing deadline which is usually April 15th.
Who is eligible for an IRS refund for the child tax credit?
There are some eligibility requirements for IRS refund for child tax credit listed below that an individual needs to fulfill to get the benefit amount.
- The child needs to have a valid Social Security number.
- The child must be under the age of 17 at the end of the year
- The child must be your son, daughter, stepchild, half-sister, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, or a descendant of one of these (for instance, a grandchild, niece, or nephew).
- The child does not need to provide more than half of their financial support during the tax year.
- The child needs to live with you for more than six months.
- The child must be claimed as a dependent on your tax return.
- The child must not file a joint return with their spouse for the current or previous tax year or file it only to claim a refund of withheld income tax or estimated tax paid.
- The child needs to be a permanent United States citizen, United States national, or United States resident alien.
- To qualify for the refunded part of the child tax credit, an individual’s annual income must be under $200,000 or $400,000 if filing a joint return.
How can I claim an IRS refund for the child tax credit?
Interested individuals can claim an IRS refund for a child tax credit easily after following the below-listed steps.
- Navigate to the https://www.irs.gov/ website.
- Locate the U.S. Individual Income Tax Return (Form 1040) and then press it.
- Enter all necessary information in Form 1040 such as personal information, financial details, and details about your child(ren) and other dependents.
- After that locate Schedule 8812 (Credits for Qualifying Children and Other Dependents) and hit it.
- Fill out Schedule 8812 (Credits for Qualifying Children and Other Dependents) properly and then attach it with your Form 1040 to claim the IRS refund amount for the child tax credit easily.
- Attach all the required documents.
- After that, enter all the required details about the refund receiving method such as your bank or financial institution name, address, bank account holder name, bank account number, mailing address, etc.
- After verifying all your entered details, submit your Form 1040 with Schedule 8812 to the IRS before the deadline for filing a tax return (with an extension).
- After submission, the IRS will review your forms and if you are eligible for an IRS refund for child tax credit then the IRS will provide your refund amount no earlier than mid February.
When and How will you get an IRS refund for child tax credit?
The IRS refund for a child tax credit for the tax year 2024 will be provided to United States households who satisfy the eligibility requirements and submit their tax return with Schedule 8812 before the return submission deadline which will be April 15th, 2025.
If an individual enters valid, accurate, and completed details in the schedule 8812 and Form 1040 then the IRS will start a review process. After the return is processed, the IRS will issue your refund in which the refunded amount for the child tax credit will be also included.
The IRS will provide you a refund for child tax credit through the refund receiving method that you selected while submitting your return. The available refund-receiving methods are through direct or bank deposit and paper checks.
How to check the status of the IRS refund for the child tax credit?
Following are the steps to check the status of your IRS refund for child tax credit.
- Navigate to the https://www.irs.gov/wheres-my-refund website.
- Locate the check your refund button and then press it.
- A new website is open in front of you.
- Enter all the required information like tax SSN.
- Select the tax filing year and filing status from the available options.
- Enter the exact refund amount on your return in the required sessions.
- Hit the submit button to view the status of your IRS refund for child tax credit.
