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Child tax credit 2024: Child tax credit updates and payments

For the 2024 tax year, the Child Tax Credit (CTC) provides a maximum benefit of $2,000 per qualifying child under the age of 17. The refundable portion, known as the Additional Child Tax Credit (ACTC), is set at $1,700 per child. Here are the key details regarding eligibility and phase-out thresholds:

Maximum Child Tax Credit Amount

• Total CTC: Up to $2,000 per child.
• Refundable Portion (ACTC): Up to $1,700.

Phase-Out Thresholds

The CTC starts phasing out based on your Modified Adjusted Gross Income (MAGI) at a MAGI of over $200,000 for single filers and $400,000 for joint filers, reducing by $50 per $1,000 above these limits.

• Single Filers:
  • Full credit ($2,000): MAGI ≤ $200,000
  • $1,500: MAGI = $210,000
  • $1,000: MAGI = $220,000
  • $500: MAGI = $230,000
  • No credit: MAGI ≥ $240,000
• Married Filing Jointly:
  • Full credit ($2,000): MAGI ≤ $400,000
  • $1,500: MAGI = $410,000
  • $1,000: MAGI = $420,000
  • $500: MAGI = $430,000
  • No credit: MAGI ≥ $440,000

Eligibility Requirements

To qualify for the CTC:

• The child must be under 17 at the end of the tax year.
• The child must live with you for more than half the year.
• The child must be your dependent and meet citizenship requirements.

This structure aims to provide families with financial relief for child-related expenses while gradually reducing benefits for higher earners.