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Did the child tax credit amount decrease for 2024?

 
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2 Replies
MinhT1
Employee Tax Expert

Did the child tax credit amount decrease for 2024?

No.

 

The child tax credit is $2,000 per child aged under 17 since 2022.

 

Please read this TurboTax article for more information.

 

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Did the child tax credit amount decrease for 2024?

If you have a child who turned 17 during 2024, you lost the child tax credit.   Once they turn 17, you get the $500 credit for other dependents instead.

 

If your child is under the age of 17 and your additional child tax credit is less than you received in a past year, it might be because you earned less income from working.  The refundable portion of that credit is based on how much you earned.

 

  The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1700.   In order to get that credit, you have to have income from working.  The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1700 per child. If the amount you earned was too low, you will not get the full $1700.

Look at your 2024 Form 1040 to see the child-related credits you received

 

PREVIEW 1040

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-retur...

Child Tax Credit line 19

Credit for Other Dependents line 19

Earned Income Credit line 27

Additional Child Tax Credit line 28

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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