Well I was provided this article and so it's just a little confusing as to what to expect.
TRAVERSE CITY, MI, US, July 20, 2023/- The Child Tax Credit, a crucial lifeline for families, has been expanded in 2023 and 2024 to include parents with no income.
This significant advancement ensures that eligible families facing financial hardships can access the benefits of the Child Tax Credit, providing much-needed support to help raise and care for their children.
By extending this financial assistance to families with no income, the government aims to create a more inclusive and supportive environment for all families.
Key highlights of the Child Tax Credit with no income in 2023 and 2024 include:
Expanded Eligibility: The Child Tax Credit expansion now includes families with no income, offering financial relief to parents who are currently unemployed or facing economic challenges. Low-income parents may qualify for the credit even if they have no taxable income.
Fully Refundable Credit: The Child Tax Credit is now fully refundable, meaning that eligible families can receive the full amount of the credit as a refund, even if it exceeds their total tax liability.
This refundable feature ensures that families with no income can benefit fully from the credit, providing essential financial support.
Increased Credit Amount: The expansion raises the maximum credit amount, offering more financial assistance to eligible parents.
Families can receive a credit of up to $2,000 per qualifying child, with an additional $600 for children under the age of 6, making the Child Tax Credit a valuable tool for covering child-related expenses.
The Child Tax Credit expansion with no income for 2023 and 2024 represents a significant step toward supporting families in times of economic uncertainty.
By providing financial assistance to parents with no income, the government aims to alleviate financial burdens and create opportunities for a brighter future for all families.
