Child Tax Credit Age Limit
Child Tax Credit Qualifications
Claim the Child Tax Credit
The Internal Revenue Service (IRS) has announced that the age limit for the Child Tax Credit will remain at 17 years old in 2023 and 2024.
TRAVERSE CITY, MI, US, January 21, 2024 /EINPresswire.com/ — The Internal Revenue Service (IRS) has announced that the age limit for the Child Tax Credit will remain at 17 years old in 2023 and 2024. This decision comes after a year of uncertainty due to proposed changes in the tax law.
The Child Tax Credit is a tax credit that parents or guardians can claim for their dependent children. The credit can reduce the amount of tax owed or increase the refund amount. The credit has been an essential tool for families with children, especially during the COVID-19 pandemic.
The decision by the IRS to keep the age limit at 17 years old means that parents or guardians can claim the credit for their children who are 17 years old or younger. This is good news for families who are worried about losing the credit for their older children.
The Child Tax Credit has been a hot topic in the news lately, with proposed changes to the credit as part of the Build Back Better plan. However, those changes have not yet been passed, and the age limit for the credit will remain the same for 2023 and 2024.
According to IRS Commissioner Chuck Rettig, “The Child Tax Credit has been a critical lifeline for millions of families during the pandemic, and we are pleased to announce that the age limit will remain at 17 years old for the 2023 and 2024 tax year.
We know that this credit is essential for families to make ends meet, and we will continue to work to ensure that families have the support they need.”
The announcement by the IRS is a relief for many families who were worried about losing the credit for their older children. The credit can be worth up to $2,000 per child, depending on the child’s age and the family’s income.
Overall, the decision to keep the age limit at 17 years old for the Child Tax Credit is good news for families who rely on the credit to make ends meet. The credit will continue to provide essential support for families with children, and the IRS will continue to work to ensure that families have the support they need.
To learn more about the age limit for the Child Tax Credit visit, https://filemytaxesonline.org/how-much-is-the-child-tax-credit/
Frank Ellis
Harbor Financial
email us here
Originally published at https://www.einpresswire.com/article/682827587/child-tax-credit-age-limit-to-remain-at-17-years-old-in-2023-and-2024-announced-by-harbor-financial
